Members of the Education Committee heard testimony Feb. 28 on a bill that would establish an education trust fund.<\/p>\n
Under LB1025, introduced by Lincoln Sen. Kate Bolz, sales tax proceeds from online purchases occurring after Jan. 1, 2015, would be directed to a newly created Educational Trust Fund. The fund would provide a dedicated source of revenue to stabilize state aid to schools under the Tax Equity and Educational Opportunities Support Act (TEEOSA).<\/p>\n
Bolz said pending federal legislation will give states the tools to collect online sales tax, estimated at $61.3 million in 2012.<\/p>\n
\u201c[This bill] will stabilize our educational funding streams,\u201d she said. \u201cIt will protect local taxpayers from tax hikes during an economic downturn, when they can least afford one.\u201d<\/p>\n
The Legislature would be authorized to transfer funds from the Educational Trust Fund to fund TEEOSA aid whenever it is deemed necessary.<\/p>\n
Jason Hayes, representing the Nebraska State Education Association, supported the bill, saying Nebraska currently ranks 49th in the nation in state aid to schools.<\/p>\n
\u201cNebraska consistently falls short of providing the level of aid our schools require,\u201d he said. \u201cEstablishing an Educational Trust Fund will send a clear message that we value education and recognizes the importance of consistency when it comes to funding education.\u201d<\/p>\n
Deborah Lyons, a teacher at Alcott Elementary in Hastings, also supported the bill. She said 53 percent of her district\u2019s annual budget is dependent on state aid.<\/p>\n
\u201cOur district is completely dependent on state aid due to our landlocked status,\u201d she said. \u201c[This bill] could help smooth the economic peaks and valleys for our schools and provide our students with quality teachers and a quality education.\u201d<\/p>\n
No one testified in opposition to the bill and the committee took no immediate action on it.<\/p>\n","protected":false},"excerpt":{"rendered":"
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