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BILL AS INTRODUCED 2007-2008

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H.404

SHORT FORM

Introduced by Representative Johnson of Canaan

Referred to Committee on

Date:

Subject:  Taxation; education finance

Statement of purpose:  This bill proposes to make various changes to education finance law, including the following:  A single education property tax rate for homestead and non-homestead property, with the rate set at the level necessary to raise revenue based on the lowest district spending per pupil in the prior year; the additional education revenues needed to fund the remaining education spending would be raised from an education income tax; grand list values would be the most recent sale value, indexed for inflation using the Social Security payment index; property tax adjustment amounts would be limited to $1,000.00 per year; the top household income level for prebate calculations would be $50,000.00 instead of $90,000.00, and the top level for rebate calculations would be $40,000.00 instead of $47,000.00; and all kindergarten through grade 12 students would pay for education using vouchers of $7,500.00 per school year, but vouchers could not be used to pay for religious instruction.


AN ACT RELATING TO EDUCATION FINANCE

It is hereby enacted by the General Assembly of the State of Vermont:

[TEXT OMITTED IN SHORT-FORM BILLS]



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us