Several new school finance reform issues are emerging that require further analysis. The first issue is the impact of previous school finance reforms especially regarding their fiscal, programmatic, and governance effects. More analysis is also needed of the effects of the composition of the property tax base and the structure of state equalization formulas. Another emerging issue is the possible disequalizing effect of school finance reforms on central city districts and minority and poor children. More work is also needed on calculating differential education costs with special attention to the separation of supply and demand variables and clear identification of the optimization model used. More research is needed too on the relationship between state categorical aid programs and state general aid programs especially regarding the effects of equalization formulas and the rapid increase in categorical aid program cost. The effect of federal aid on school finance structures needs further analysis with a focus on the frictions between state and federal programs. Finally, research is needed on the symbiotic relationships between school finance and state and local tax policies including issues relating to equity, comprehensive tax reform, and the redistributive aspects of public education. (Author/JM)