After tracing the historical development of the Maine system of school finance, the document describes the major provisions of a 1973 legislative act that equalizes the financial support of school units. Under the act, 60 percent of the cost of public school programs will come from State tax sources and 40 percent will come from a uniform property tax being applied equally to all administrative units in the State. The document considers such topics as raising local and State school revenues, local taxes for current operation and for capital outlay, State supervision of local property tax administration, other State aid programs, the effect of the legislation on selected districts, and the legal implications of the act. The entire legislative act and a suggested procedure for the implementation of the act are included in the appendixes. (Author/DN)