A bill to amend Public Law 874, 81st Congress, relating to impact aid payments.

[AI summary unavailable — showing source text] Amends Federal law relating to impact aid payments. Revises the title and policy declaration to use the term reimbursement (rather than assistance) with respect to local educational agencies in areas affected by Federal activity. Refers to school membership (rather than attendance) throughout the Act. Revises formulas for determining the amount of payments to local educational agencies. Provides that certain increases in such payments shall be sufficient to allow the school district to have an operating cost no greater than the State average or the average of comparable school districts in the State. Provides that a reasonable tax effort has been made if the agency receives at least 80 percent of the taxes levied which would have been received if the applicant district had an operational tax rate equal to the average of comparable districts. Reduces certain payments to an agency by the percentage of the difference that the actual taxes levied of such agency are of the taxes that would have been levied if the applicant district had an operational tax rate equal to the average of comparable districts or State average. Provides that, for FY 1988 and for each fiscal year thereafter, th…