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This study aims to identify the diversity and complexity of school finance centralization reforms (SFCRs) that occurred in the 1990s and also analyze the impacts they had on the level and inequality of school funding and the stability of these impacts. Both qualitative and quantitative methods were used. I found that SFCRs varied and were closely related to state tax system reforms. Long term annual trend of pre-reform and post-reform data show that the impact of SFCRs could be either positive or negative. These impacts were stable in some states or unstable in the other states.