This paper discusses some of the advantages and disadvantages of three alternative philosophical and practical approaches for the equitable distribution of state aid to local school districts. These three approaches include the "equity through uniformity" approach, implemented through a Full State Assumption school finance model; the "equity through fiscal neutrality" approach, implemented through a Guaranteed Tax Base model; and a "partial" approach to equity, implemented through a combination of a Foundation Program and a Guaranteed Tax Base model. Florida's present school finance distribution system is examined in light of these three approaches, and several alternatives for improving the equity of Florida's school finance system are discussed. (Author/JG)