1. The State Education Fund is hereby created as a special revenue fund to be administered by the Superintendent of Public Instruction for the purpose of supporting the operation of the public schools in this State. The interest and income earned on the money in the Fund, after deducting any applicable charges, must be credited to the Fund.
2. Money which must be deposited for credit to the State Education Fund includes, without limitation:
(a) All money derived from interest on the State Permanent School Fund, as provided in NRS 387.030;
(b) The proceeds of the tax imposed pursuant to NRS 244.33561 and any applicable penalty or interest, less any amount retained by the county treasurer for the actual cost of collecting and administering the tax;
(c) The proceeds of the tax imposed pursuant to subsection 1 of NRS 387.195;
(d) The portion of the money in each special account created pursuant to subsection 1 of NRS 179.1187 which is identified in paragraph (d) of subsection 2 of NRS 179.1187;
(e) The money identified in subsection 1 of NRS 328.450;
(f) The money identified in subsection 1 of NRS 328.460;
(g) The money identified in paragraph (a) of subsection 2 of NRS 360.850;
(h) The money identified in paragraph (a) of subsection 2 of NRS 360.855;
(i) The money required to be paid over to the State Treasurer for deposit to the credit of the State Education Fund pursuant to subsection 4 of NRS 362.170;
(j) The portion of the proceeds of the tax imposed pursuant to subsection 1 of NRS 372A.290 identified in paragraph (b) of subsection 4 of NRS 372A.290;
(k) The proceeds of the tax imposed pursuant to subsection 3 of NRS 372A.290;
(l) The proceeds of the fees, taxes, interest and penalties imposed pursuant to chapter 374 of NRS, as transferred pursuant to subsection 3 of NRS 374.785;
(m) The money identified in paragraph (b) of subsection 3 of NRS 678B.390;
(n) The portion of the proceeds of the excise tax imposed pursuant to subsection 1 of NRS 463.385 identified in paragraph (c) of subsection 5 of NRS 463.385;
(o) The money required to be distributed to the State Education Fund pursuant to subsection 3 of NRS 482.181;
(p) The portion of the net profits of the grantee of a franchise, right or privilege identified in NRS 709.110;
(q) The portion of the net profits of the grantee of a franchise identified in NRS 709.230;
(r) The portion of the net profits of the grantee of a franchise identified in NRS 709.270; and
(s) The direct legislative appropriation from the State General Fund required by subsection 3.
3. In addition to money from any other source provided by law, support for the State Education Fund must be provided by direct legislative appropriation from the State General Fund in an amount determined by the Legislature to be sufficient to fund the operation of the public schools in this State for kindergarten through grade 12 for the next ensuing biennium for the population reasonably estimated for that biennium. Money in the State Education Fund does not revert to the State General Fund at the end of a fiscal year, and the balance in the State Education Fund must be carried forward to the next fiscal year.
4. Money in the Fund must be paid out on claims as other claims against the State are paid.
5. The Superintendent of Public Instruction may create one or more accounts in the State Education Fund for the purpose of administering any money received from the Federal Government for the support of education and any State money required to be administered separately to satisfy any requirement imposed by the Federal Government. The money in any such account must not be considered when calculating the statewide base per pupil funding amount or appropriating money from the State Education Fund pursuant to NRS 387.1214. The interest and income earned on the money in any such account, after deducting any applicable charges, must be credited to the account.
(Added to NRS by 2019, 4196, effective July 1, 2021)