1.1 	A bill for an act
1.2 	relating to education finance; increasing local optional levy equalization for 
1.3 	certain districts with seasonal recreational property;amending Minnesota 
1.4 	Statutes 2014, section 126C.10, subdivision 2e.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2014, section 126C.10, subdivision 2e, is amended to 
1.7 	read:
1.8 		Subd. 2e.Local optional revenue. (a) Local optional revenue for a school district 
1.9 	equals $424 times the adjusted pupil units of the district for that school year.
1.10 	(b) A district's local optional levy equals its local optional revenue times the lesser 
1.11 	of one or the ratio of its referendum market value per resident pupil unit to $510,000 
1.12 	the local optional equalizing factor. The local optional revenue levy must be spread on 
1.13 	referendum market value. A district may levy less than the permitted amount.
1.14 	(c) A district's local optional aid equals its local optional revenue less its local 
1.15 	optional levy, times the ratio of the actual amount levied to the permitted levy.
1.16 	(d) A district's local optional equalizing factor equals $510,000 times the greater of 
1.17 	one or the ratio of the district's seasonal recreational factor to 0.30.
1.18 	(e) A district's seasonal recreational factor equals the ratio of the market value of 
1.19 	property in the district classified as 4(c)12 under section 273.13 to the district's total 
1.20 	taxable market value under section 273.13.

1.21 	EFFECTIVE DATE. This section is effective for taxes payable in 2016 and later.