This report is the second of two reports exploring the relationship between coal activity and funding for elementary and secondary education. The first report provided a descriptive analysis while this report examines the impact of changes in coal employment or production on local revenues for education using an econometric analysis. Coal employment in the U.S. has significantly decreased over the last century due to multiple factors. However, there is still great variation in trends in coal employment across regions, counties, and time. Some areas have experienced growth in coal employment while other areas have experienced significant declines in coal employment. These changes in coal activity can impact the fiscal health of communities, which can impact communities' ability to make adequate investments in education and training, an essential component for economic development. Local changes in coal activity can impact funding for education through a number of potential different mechanisms, which are discussed. While it can be unknown how these different factors impact local schooling support, this research focuses on how variations in coal activity impact local revenues for education. [This report was prepared by the Howard H. Baker Jr. Center for Public Policy at the University of Tennessee, Knoxville.]