St. Paul, MN (NNCNOW.com) - The $440 million tax relief bill that Minnesota Governor Mark Dayton signed into law Friday also provides a new funding mechanism that will benefit Iron Range schools.
Iron Range lawmakers say the bill includes the creation of a cooperatively operated school account which will help Iron Range school districts repay debt on qualified school projects, or other disbursements approved by the IRRRB.
New revenue in the account would come from taconite taxes, mining taxes, and a three–year allocation from the Taconite Environmental Protection Fund.
Democratic State Senator David Tomassoni, of Chisolm, says the account will ultimately help fund the Virginia, Mountian Iron–Buhl and Eveleth–Gilbert districts' co–location project.
If it goes forward, the project would create a combined 7–12 school building for the districts.
The tax bill also transfers $150 million into the state budget reserve come July.