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House Education hears Act 73 finance recap: new EOP, statewide tax rate and 5% supplemental cap
Summary
Legislative counsel recapped Act 73’s finance changes: a foundation formula that sets a $15,033 base and weighted Educational Opportunity Payment (EOP), a uniform statewide education tax to fund EOPs, a locally imposed supplemental district spending (SDS) with a phased transition to a 5% cap, and replacement of the property tax credit with a homestead exemption and income-sensitivity brackets.
Legislative counsel Doc Gray told the House Education committee the bill known as Act 73 replaces Vermont’s current funding approach with a foundation formula that sets a base amount of $15,033 per pupil and updated weights for special education, economic disadvantage and English‑learner needs. "EOP is the big check," Gray said, describing the Educational Opportunity Payment as the per‑district payout calculated by multiplying the base by a district’s weighted long‑term membership.
Gray summarized how Act 73 creates a uniform statewide education tax rate to raise EOPs for all school districts and introduces a supplemental district spending (SDS) mechanism that lets districts ask voters to approve spending above their EOP. "Act 73 is a statutory cap of 5% of an unweighted foundation amount," Gray said; for the…
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