AN ACT RELATING TO EDUCATION -- THE EDUCATION EQUITY AND PROPERTY TAX RELIEF ACT

HB 7581 creates new state funding streams for specific education needs in Rhode Island school districts. It provides direct funding for special education costs exceeding 4x the core foundation amount, career and technical education program setup/maintenance, voluntary pre-K access, and transportation costs for students in regional districts or out-of-district non-public schools. The bill also establishes stabilization funds for Central Falls, Davies, and the Met Center schools, and offers regional school districts a two-year bonus (2% then 1% of state aid) for regionalization. School districts seeking reimbursement must share costs if total requests exceed available funds, with the Department of Education prorating allocations annually. This bill primarily affects public school districts, special education programs, and regional education entities across Rhode Island.