This chapter provides an overview of emerging issues in state school fi nance policy in the United States. We begin with an introduction to conceptions of equity and adequacy in education fi nance, specifi c to the policy context of U.S. states. In particular, we focus on the concepts of equity and adequacy in education fi nance, reviewing traditional conceptions and terminology that have evolved over the past several decades and providing new insights regarding both the intersections and points of divergence between equity and adequacy conceptions.