Beginning in the 2022-23 budget year, the act directs the department of education (department) to annually distribute to each eligible school district and each eligible institute charter school an amount of state money as a matching amount to the property tax revenue the eligible district receives from mills levied for additional revenue (override mills). To determine the amount, if any, of state matching money, the department shall annually calculate for each district:
- The district's maximum number of override mills; and
- The number of override mills the district may be expected to levy toward the district's maximum number of override mills (override mill capacity), based on the district's median household income.
If a district's override mill capacity is less than the maximum number of override mills, the district is eligible to receive matching state money. The department must calculate each eligible district's mill levy match amount as provided in the act. An institute charter school that is located within an eligible district is eligible to receive a distribution of state money equal to the eligible district's per pupil mill levy match amount multiplied by the institute charter school's pupil enrollment. The department must calculate and distribute in June of each budget year the mill levy match amounts from the mill levy override match fund (fund) created in the act. The act transfers $10 million from the general fund to the fund for the 2022-23 budget year.
For the 2022-23 budget year, the act appropriates $10,041,238 to the department to implement the act, $10 million of which is from the fund and $41,238 of which is from the general fund.
(Note: This summary applies to this bill as enacted.)