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Sixty-seven school finance reforms (SFRs) in 26 states have taken place since 1990; however, there is little empirical evidence on the heterogeneity of SFR effects. We provide a comprehensive description of how individual reforms affected resource allocation to low- and high-income districts within states, including both financial and non-financial outcomes. After summarizing the heterogeneity of individual SFR impacts, we then examine its correlates, identifying both policy and legislative/political factors. Taken together, this research aims to provide a rich description of variation in states’ responses to SFRs, as well as explanation of this heterogeneity as it relates to contextual factors.