Guaranteeing our children's future a plan for funding Iowa Elementary and Secondary Education, December 16, 1988

(1988) Guaranteeing our children's future a plan for funding Iowa Elementary and Secondary Education, December 16, 1988. Education, Department of

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Abstract

Iowa's current school finance law was designed in the late '60s and early '70s to provide for general property tax replacements, equalize the taxation method of property for school purposes, and allocate state funds for aid to schools. The General Assembly also provided for agricultural land tax credits, personal property tax credits, and additional homestead credit for the aged. Between 1970 and 1972, the General Assembly modified the finance formula to create the present type of foundation plan. The present plan includes a uniform levy requirement, establishes a state foundation base, establishes a maximum growth on each budget, provides for higher allowable growth for low-spending districts, provides for minimum state aid to each district, and creates budgets on the basis of the number of students.