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Conference draft sets foundation-formula mechanics, new homestead exemption and tax-classification study
Summary
Conferees reviewed the foundation-formula design (base $15,033, weights, pre-K weight), transition schedule for EOP and tuition, and a proposed homestead exemption to replace the property tax credit; the department of taxes will report on tax-classification multipliers.
Conference committee staff walked conferees through the education finance sections of the H.454 conference draft, detailing the base amount, weight structure, transition timelines and a proposal to replace the state’s property tax credit with a homestead exemption.
Key finance elements summarized by legislative counsel include:
- Base amount and EOP: The draft sets a base amount of $15,033 per pupil and defines the Educational Opportunity Payment (EOP) as the base multiplied by weighted long-term membership. - Weights and pre-K: The weight schedule includes special-education categories, tiered English-learner weights and a new pre-K weight described in the draft as “a negative 0.54 for pupils enrolled pre-k.” The draft also directs AOE and JFO to regularly reevaluate inputs and consult a professional-judgment panel. - Transition to EOP and tuition: The bill lays out a multi-year transition (fiscal years…
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