Provides that the nonsupplant requirement under the formula used by the Department of Public Instruction to allocate funds from the low-wealth counties supplemental funding allotment does not apply to counties designated as Tier 1 or 2. Applies to the 2013-14 fiscal year only.

Provides that beginning with the 2014-15 fiscal year, a county in which a local school administrative unit receives funds under the low-wealth counties supplemental funding allotment must use the funds to supplement local current expense funds and not supplant local current expense funds. Prohibits the State Board of Education (SBoE) from allocating funds under this allotment to a county found to have used these funds to supplant local per student current expense funds. Requires the SBoE to find that a county has used these funds to supplant local current expense funds in the prior year, or the year for which the most recent data are available, if the following apply: (1) the current expense appropriation per student of the county for the current year is less than 85% of the average of the local current expense appropriations per student for the three prior fiscal years and (2) the county cannot show that it has remedied the deficiency in funding; or that extraordinary circumstances caused the county to supplant local current expense funds with funds allocated under this allotment.

Requires the Joint Legislative Education Oversight Committee to study the formulas for allocating low-wealth counties supplemental funding and lottery funds for school construction projects. Requires a report to the 2013 General Assembly when it reconvenes in 2014.

Effective July 1, 2013.