School-funding changes over the last decade have created funding inequities for Indiana's students from low-income communities, students with disabilities, English language learners, and students in public charter schools--inequities which will likely be exacerbated by COVID-19. Students of color are disproportionately impacted by these funding gaps. This report examines what caused these inequities, including 2008 property tax reforms and a 2015 change to Indiana's funding formula. We propose solutions to ensure all students in Indiana receive their fair share of funding: (1) Differentiate state aid based on local wealth; (2) Create more equitable funding for students from low-income households and English language learners; (3) Create a fairer system for special education funding; and (4) Share local funding with charter schools. [This report was written with contributions from Lisa Chu.]