The memorandum provides an overview of K-12 funding proposals within the context of the state's operating budget. In December 2013, about $1.1 billion was transferred from the General Fund to the State Education Fund (SEF). The General Assembly will have to determine how to use this one-time money for school finance and other K-12 purposes in the 2014-15 budget year and subsequent years.
This memorandum provides background information on the structure of the business personal property tax and the estimated fiscal impact of eliminating the tax.
