Montana Title 20. Education § 20-9-635. Natural resource development K-12 school facilities payment

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) The natural resource development K-12 school facilities payment replaces the former natural resource development K-12 funding payment as a means to provide local property tax relief by supporting school district facility needs.

(2) The legislature intends the natural resource development K-12 school facilities payment to be a general fund appropriation to support school major maintenance aid pursuant to 20-9-525 and debt service assistance pursuant to 20-9-371 that is calculated as the greater of:

(a) $10 million increased by an inflationary adjustment calculated as provided in 20-9-326 applied in fiscal year 2024 and in each succeeding fiscal year; or

(b) 5% of the oil and natural gas production taxes deposited in the general fund pursuant to 15-36-331(4) for the fiscal year occurring 2 fiscal years prior to the fiscal year of the payment.

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Cite this article: FindLaw.com - Montana Title 20. Education § 20-9-635. Natural resource development K-12 school facilities payment - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-20-education/mt-code-ann-sect-20-9-635/

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