A bill to alleviate the financial crisis confronting the public schools of the Nation by providing increased financial resources for elementary and secondary education, and by promoting the equitable distribution of such resources within the States through the establishment of a National Education Trust Fund.
National Education Investment Act -- Establishes the National Education Trust Fund within the Treasury. States the purposes of such fund to be: (1) to provide funds for the reduction or elimination of real property taxation as a means of financing elementary and secondary education; (2) to promote equitable per pupil expenditures; and (3) to achieve State tax systems based upon the personal income of all State residents to finance such education.
Authorizes to be appropriated to the fund such sums as may be necessary for the fiscal year ending September 30, 1978, and the succeeding two fiscal years.
Establishes procedures for State and local governments to receive monies from the fund, and provides for judicial review of the Secretary of the Treasury's decisions regarding applications.
Introduced in Senate
Referred to Senate Committee on Human Resources.
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