Abolishes school taxes, provides for alternative taxes to fund education; repealer

Permits the financing of public schools in New York state within the context of the following objectives: (1) the elimination of the real property tax to support public schools, (2) the retention of present levels of local control by school districts, and (3) the guarantee of quality and equality of educational opportunity for all children of the state; provides that the state shall assume all of the costs of basic quality education, including all general and special educational services which the commissioner, under guidelines established by the legislature shall define as necessary; provides that such costs shall be borne by increases in statewide business and individual income taxes in conjunction with the elimination of school real property taxes.