Impact Aid Reauthorization Act of 1993

Impact Aid Reauthorization Act of 1993 - Reauthorizes and revises Federal law relating to financial assistance for local educational agencies in areas affected by Federal activity (impact aid).

Extends the authorization of appropriations and authorizes additional appropriations for deposit in a contingency fund. Requires certain reservations of funds for: (1) impact aid relating to Federal acquisition of real property; (2) the contingency fund; and (3) heavily impacted need areas. Requires forward funding.

Adds a hold harmless provision under impact aid relating to Federal acquisition of real property, whereby no eligible local educational agency (LEA) shall receive less than 90 percent of the preceding year's amount in payment for any fiscal year.

Revises impact aid relating to federally connected children with respect to computation of payments, giving various weights in the formula to different categories of such children (with more emphasis given to children living on Indian lands and children in special education programs).

Revises provisions for sudden and substantial changes in attendance to include increases resulting from base closure or military realignment activities. Directs the Secretary of Education to report certain expenditures within 30 days and include certain costs in annual budget submissions. Authorizes appropriations.

Revises the method of making Federal impact aid payments. Includes a learning opportunity threshold to allow eligible LEAs to provide all their children a basic opportunity to learn.

Requires States to meet an adequacy threshold before they can apply for equalization of State aid payments to all LEAs. Establishes a National Advisory Panel on School Finance and Impact Aid Equalization.

Directs the Secretary of Defense to reserve certain amounts to provide supplemental impact aid to LEAs in cases of high need related to military changes.

Establishes the Department of Education Contingency Fund for special impact aid under certain conditions.

Requires negotiated rulemaking under certain conditions.