Creates the 18-member Joint Legislative Task Force on Education Finance Reform (Task Force). Sets out membership of the Task Force to be nine members each appointed by the Senate President Pro Tempore and Speaker of the House. Directs the President Pro Tempore and the Speaker to each appoint a cochair to the Task Force from among the membership. Requires the appointments to be made no later than September 1, 2017.

Directs the Task Force to consult with the State Board of Education and the Department of Public Instruction to study various weighted student formula finding models and develop a new funding model for the elementary and secondary public schools of the state based on a weighted student formula. Sets out the following six tasks the Task Force must complete: (1) review the state’s current public school allotment system; (2) determine the base amount of funds that must be distributed per student to cover the cost of educating a student in the state; (3) identify and associate weights to student characteristics eligible for weighted funding; (4) resolve the extent to which the base amount of funds distributed would be adjusted based on the characteristics of each local school administrative unit; (5) decide which, if any, funding elements would remain outside the base of funds distributed under a weighted student formula; and (6) study any other issue the Task Force considers relevant.

Provides additional direction regarding the setting of meetings, staffing, and the general operation of the Task Force.

Requires meetings of the Task Force to begin no later than October 1, 2017, and for the Task Force to submit a final report on the results of its study and recommendations to the Joint Legislative Oversight Committee on or before July 1, 2018, as specified. Requires the Task Force to terminate on July 1, 2018, or upon the filing of its final report, whichever occurs first.