Create the School Financing Review Commission

Nebraska's LB 500 creates a 21-member School Financing Review Commission to examine and recommend improvements to public school funding. The commission includes education officials, legislators, school board members, teachers, and diverse community representatives from across the state. It will review alternatives to property tax reliance (like income or sales tax components), funding for pre-K, career programs, and student needs (including poverty and limited English proficiency), and infrastructure costs. The commission must submit a preliminary report by November 2025 and a final report with recommendations by December 2025, followed by annual reports on funding adequacy starting in 2028. This bill directly affects all Nebraska public elementary and secondary schools and their students.