Vermont's Equal Educational Opportunity Act of 1997, Act 60, was designed to rectify educational inequities cited in the State Supreme Court ruling that the state's foundation formula was unconstitutional. This study examines the degree to which Act 60 has improved inequitable conditions in the three main areas cited in the court decision. Findings were that: (1) student resource equity has significantly improved, and financial resources spent on Vermont students no longer correlate to towns' property wealth; (2) tax burden equity has also improved significantly with the lowest-income households now paying the lowest percentage of income for school tax; and (3) academic achievement is still related to community wealth and spending per pupil, but student achievement in all categories of property wealth and spending has improved over the last 3 years, and the achievement gaps between the highest and the lowest property-wealth and spending categories have decreased over the past 3 years. Act 60 is performing according to the requirements of the court. Inequities are diminishing, but local control has not been abandoned. Tax burdens are more appropriately related to income. More children are performing better on statewide assessments. Seven appendices describe the Rural School and Community Trust, research methods, caveats when analyzing academic achievement, recommendations for future studies, definitions of variables used, contact information, and acknowledgements. (TD)