Impact Aid Update Act of 2006

H.R. 5093, the Impact Aid Update Act of 2006, proposes changes to how the federal government provides financial assistance to school districts located on or near federal property. Specifically, the bill updates the funding formula for local educational agencies where at least 60% of the land is federally owned and contains a U.S. military academy.

The primary impact of this legislation would be to increase federal funding for the Highland Falls Central School District in New York by redirecting a portion of existing vocational and adult education appropriations. For local citizens, this bill aims to provide additional financial stability to schools that lose significant local property tax revenue because the presence of federal land, such as West Point, limits the taxable area available to support the district.