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2010 SESSION

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HB 1141 Composite index; General Assembly to modify Standards of Quality funding formula and calculation.

Introduced by: Harvey B. Morgan | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Education; computation of composite index.  Requires the General Assembly to modify the current Standards of Quality (SOQ) funding formula and calculation of composite index of local ability to pay that determines each locality's ability to pay for its share of providing an educational program meeting the prescribed SOQ to incorporate within the current indices of wealth the indicated weighting: (i) true values of real estate and public service corporations, at 30%; (ii) adjusted gross income, at 40%; and (iii) the sales subject to the state general sales and use tax, at 30%.

The current composite index of local ability to pay provides for the true value of real estate weighted at 50%, with adjusted gross income weighted at 40%, and taxable retail sales weighted at 10%, as indicators of local wealth.


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