79-1005.02 State aid calculation; school fiscal years 2002-03 through 2007-08; income tax receipts; disbursement. - Nebraska Statutes

79-1005.02. State aid calculation; school fiscal years 2002-03 through 2007-08; income tax receipts; disbursement.For state aid calculated for school fiscal years 2002-03 through 2007-08:(1) Not later than November 15 of each year, the Tax Commissioner shall certify to the department for the preceding tax year the income tax liability of resident individuals for each local system. The 1996 income tax liability of resident individuals of Class I districts that are affiliated with multiple high school districts shall be divided between local systems based on the percentage of the Class I district's valuation affiliated with each high school district; and(2) Using the data certified by the Tax Commissioner pursuant to subdivision (1) of this section, the department shall calculate the allocation percentage and each local system's allocated income tax funds. The allocation percentage shall be an amount equal to the amount appropriated to the School District Income Tax Fund for distribution in school fiscal year 1992-93 minus the total amount paid for option students pursuant to section 79-1009 with the difference divided by the aggregate statewide income tax liability of all resident individuals certified pursuant to subdivision (1) of this section. Each local system's preliminary allocated income tax funds shall be calculated by multiplying the allocation percentage times the local system's income tax liability certified pursuant to subdivision (1) of this section. Each local system's allocated income tax funds shall be calculated by subtracting the difference of the temporary aid adjustment factor minus the reduction in net option funding due to the temporary aid adjustment factor, from the preliminary allocated income tax funds, except that a local system's allocated income tax funds shall not be less than zero. SourceLaws 2002, LB 898, § 5; Laws 2004, LB 1093, § 3.