Impact Aid Update Act of 2006 - Amends the Elementary and Secondary Education Act of 1965 to revise the formula for the limitation on Impact Aid program special payments made to local educational agencies which serve school districts in which at least 60% of the real property is federally owned and there is a U.S. military academy.
Changes from 1996 to 2002 and from 1997 to 2003 certain fiscal year components of such formula.
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