A bill to establish a task force to study and evaluate the taxation of real property by State and local governments, the feasibility of Federal taxation and other policies designed to reduce the dependence of such governments on taxation of real property, and the effects of such Federal taxation and other policies so designed on the financing of elementary and secondary public education by such governments.

Establishes the Task Force on School Financing and the Taxation of Real Property by State and Local Governments to study and evaluate the taxation of real property, its effects on middle and fixed income taxpayers, the feasibility of using Federal taxation and other policies to reduce the dependence of State and local governments on such taxation, and the effects of such Federal taxation and other policies on the financing of public elementary and secondary education.

Sets forth membership composition and powers of the Task Force. Requires the Task Force to submit a final report to the President within one year. Terminates the Task Force 90 days after submission of such report.