Vermont's Act 60 received national attention not only because of the controversy surrounding the sharing pool (or recapture provision) but also because of its "potential for being the most equitable system in the country." For fiscal years 1998 to 2001, tax rates have become more equitable, and a direct relationship has appeared between spending level and tax rate at the town level. Tax burdens have also become more equitable on a town-to-town and individual basis. Education spending equity is occurring, though at a relatively slower pace than tax equity. Educational achievement equity is emerging when state test data are used as a measure. Issues are discussed include whether or not the sharing pool should be maintained and whether the recapture provision should be modified. Other issues are monetary gifts as a means of obtaining exemption from recapture, small schools, whether money should move with the child, and the need to reduce bureaucratic complexity. An important question is whether the legislature will weaken the provisions of the act and cause greater inequities or improve the deficiencies in the formula so that it can work more effectively. The paper ends with six charts illustrating financial trends for fiscal years 1998 to 2001. (Contains 11 endnotes and 9 tables and charts.) (RT)