Recent court decisions requiring changes in State educational finance systems have not invalidated the use of local property taxes as a revenue source for education, nor have they dictated that the same amount of dollars must be spent on every pupil. In short, these decisions have left with the State legislatures the responsibility to fashion new systems of school finance that will reuse and distribute public funds more equitably and rationally. This report describes and analyzes equalization formulas and school aid programs recently enacted in 11 States. The author, in his examination of the intricacies of these reforms, draws important comparisons among State aid formulas and speculates about the future directions of school finance programs. He also discusses how the various States provided for transitions from the old to the new formulas. The report illustrates the broad range of alternative approaches available to the States as they attempt to incorporate greater rationality and equity into their school finance systems. A selected bibliography is included. (Author/JF)