What’s the legislature doing with levy swaps?

They’re proposing to raise a portion of the state property tax that funds basic education. At the same time, the levy lid – that is, the maximum amount a district can ask for in a levy – would be reduced by the amount of new revenue generated by the increase in the state property tax. The idea is to move funding from local to state and make it more equitable (as mandated by McCleary). The problem is the levy swap doesn’t increase funding at all and still leaves the large gap in meeting McCleary funding.