Nevada 2023 Regular Session

Nevada Senate Bill SB124

Introduced
2/8/23  
Refer
2/8/23  
Report Pass
2/13/23  
Engrossed
2/16/23  
Refer
2/16/23  
Report Pass
2/21/23  
Enrolled
2/27/23  
Chaptered
2/27/23  

Caption

Revises provisions relating to the tax upon the net proceeds of minerals and royalties of mining operations. (BDR 32-908)

Impact

The implications of SB124 are notable, particularly for county school districts that historically relied on apportionments based on local mining revenues. The bill modifies the requirement for these districts to transfer a portion of their ending fund balance to the Education Stabilization Account, changing the threshold from a budgeted to an actual basis. This adjustment is designed to better reflect real financial conditions within the school districts and reduce unnecessary fiscal strain, thereby promoting financial stability within the educational system.

Summary

Senate Bill 124 proposes significant changes to the taxation framework concerning the net proceeds of minerals and royalties from mining operations in Nevada. The bill revises the distribution method of a portion of this tax revenue, redirecting it from being administered through county treasurers to being directly deposited into the State Education Fund. This move aims to enhance funding for education by ensuring that tax revenues are allocated more efficiently and effectively. By removing the county treasurers' 5% commission from this revenue, SB124 seeks to maximize the funds available for educational purposes at the state level.

Contention

Despite its intended benefits, SB124 has sparked debate regarding its impact on local governance and financial control. Proponents argue that the bill simplifies the funding process and provides a more dependable revenue stream for education, emphasizing its potential to improve educational outcomes throughout the state. However, opponents have voiced concerns that the centralization of revenue might undermine local school districts' autonomy and ability to address their unique financial challenges. This contention highlights the ongoing struggle between state-level initiatives and local governance issues in funding educational resources.

Companion Bills

No companion bills found.

Previously Filed As

NV AB277

Revises provisions relating to the confidentiality of information relating to the tax on the net proceeds of minerals in this State. (BDR 32-616)

NV AB523

Revises provisions relating to education. (BDR 34-1219)

NV SB502

Revises provisions governing taxation. (BDR 32-1086)

NV AB458

Revises provisions relating to the financial support of public schools. (BDR 34-1080)

NV AB430

Revises provisions relating to cannabis. (BDR 32-893)

NV AB307

Revises provisions governing the taxation of sales of cannabis and cannabis products. (BDR 32-149)

NV SB394

Revises provisions governing abatements and partial abatements of certain taxes. (BDR 32-603)

NV AB219

Revises provisions relating to the use of the proceeds of the tax on live entertainment. (BDR 32-652)

NV SB98

Revises provisions relating to education. (BDR 34-444)

NV SB383

Revises provisions relating to state governmental administration. (BDR 34-286)

Similar Bills

NV AB523

Revises provisions relating to education. (BDR 34-1219)

NV AB398

Revises provisions governing compensation for certain employees of public schools. (BDR 34-189)

NV SB98

Revises provisions relating to education. (BDR 34-444)

OK HB2673

Schools; student transfers; reallocating State Aid for certain transfer students; transfer allowance; private schools; effective date.

NV AB352

Revises provisions governing academic standards for certain pupils. (BDR 34-732)

NV AB344

Revises provisions governing the cost adjustment factor in the Pupil-Centered Funding Plan. (BDR 34-993)

OK HB2078

School funding; State Aid; calculation; increasing percentages of allowable general fund carryover; weighted calculations; effective date; conditional effect.

OK HB2890

School funding; carryover; State Aid; years of data for per pupil revenue calculation; weighted membership; effective date; emergency