This report identifies the finance data needs of states facing school finance litigation or seeking to avoid it altogether. The article addresses the following key questions: What issues are prominent in the "new wave" of school finance litigation? and What are the core finance data needs of states seeking to address these issues? The materials analyzed for this report consist of state supreme court decisions on the constitutionality of school-finance systems, beginning in 1989. This set of decisions has been referred to as the "new wave" of judicial decisions related to state school finance litigation. The paper lists the limitations of the study, along with definitions, and provides the background and history of early school finance litigation. Specific statutory issues, the level of funding, and funding disparities are all discussed. The report concludes that states need to scrutinize elements of their finance system for elementary and secondary education, describe them, and develop fiscal data on each element of the system. (Contains 3 tables on finance litigation, 11 references, and an appendix listing court challenges where plaintiffs have prevailed. (RJM)