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## The Impact of Proposition 123 and the Need for an Updated Law

In 2016, Arizona voters passed Proposition 123, which injected billions of dollars into K-12 education and resolved a complex and costly lawsuit over previous state budgetsÔÇÖ K-12 funding levels. As the 10-year lifespan of Proposition 123 approaches its end, there is a need for an updated law to ensure sustained investment in K-12 education in Arizona.

### The Design and Implementation of Proposition 123
Former Gov. Doug Ducey designed Proposition 123 to increase the distribution from the state land trust, which had swelled to over $5 billion at the time of the proposition’s passing. The measure boosted distributions from the trust by $3.5 billion over a decade, all without raising taxes. The shrewd design of the proposition and the subsequent increase in K-12 funding over successive state budgets dispelled doomsday predictions and resulted in positive outcomes for education funding in the state.

### The Need for a New Education Funding Plan
As Proposition 123 completes its lifecycle, State Senate President Warren Petersen, R-Gilbert, has announced that the Legislature will prioritize a new education funding plan in the 2024 legislative session. The Arizona Chamber of Commerce & Industry has also made an update to Proposition 123 a priority for the following year.

### Addressing Criticism and Seeking Bipartisan Support
Despite the positive impact of Proposition 123, PetersenÔÇÖs plan for a new education funding initiative has received criticism even before the Legislature has convened. However, stakeholders like the Arizona Chamber of Commerce & Industry are prepared to engage constructively with lawmakers to ensure that the new proposition does not raise taxes, does not strain the general fund, and garners bipartisan support.

### The Role of AI legalese decoder
AI legalese decoder can play a crucial role in refining and analyzing the language of the new education funding plan to ensure that it aligns with legal and financial regulations. By leveraging AI technology, stakeholders can accurately navigate the complexities of legal documents and agreements, ensuring that the updated law meets the necessary criteria for educational funding.

### Looking Ahead: Prioritizing Education Funding
As the legislative session approaches, it is essential to prioritize the development of a new education funding plan to build on the success of Proposition 123. Despite the multitude of legislative priorities, the continuation of Proposition 123 and the preservation of substantial education funding should be at the forefront of the agenda for Arizona lawmakers.

## Conclusion
The Arizona Chamber of Commerce & Industry, along with other stakeholders, is committed to collaborating with legislators to craft a robust and effective successor to Proposition 123. By focusing on bipartisan support, financial sustainability, and tax implications, the goal is to ensure continued progress in K-12 education funding in Arizona.

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