Formed by the Connecticut legislature to monitor the state's educational aid plan, the Educational Equity Study Committee in this report joins with the state Board of Education in recommending amendments to Connecticut's 1979 school finance reform law, involving changes in the state's Minimum Expenditure Requirement (MER) plan and Guaranteed Tax Base (GTB) equalization formula. The first section briefly discusses the background to the report, including the adoption of the current system of state aid and the establishment of the Study Committee. The second section addresses the use of the GTB formula, nonformula impacts on state aid, needed updates in data used in the formula, the impact of the 1979 reforms, and the reasons for the recommended changes in the GTB formula. The state's MER plan is examined in the third section, which analyzes how MER is calculated, its impact, methods of ensuring compliance with MER, and reasons for recommending MER changes. The two final sections present the Study Committee's future goals and summarize relevant events in the 1981 state legislature. Four appendices provide a glossary, a summary of a 1980 Study Committee public meeting, minority reports from committee members, and data on 1979-82 GTB grants. (RW)