Bill
Bill > A655
NJ A655
NJ A655Provides tax levy growth limitation adjustment for school districts experiencing reduction in State aid.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
Current law limits the amount by which a school district may annually increase its general fund tax levy without voter approval. Specifically, the tax levy may not increase by more than two percent, plus adjustments for enrollment growth and increases in health care costs and pension contributions that exceed two percent. This bill provides an additional adjustment to the tax levy growth limitation. The adjustment would be equal to the school district's decrease in State school aid relative to the prior year.
AI Summary
This bill provides an additional adjustment to the tax levy growth limitation for school districts experiencing a reduction in State aid. Specifically, the bill allows school districts to increase their tax levy by an amount equal to the decrease in their State aid, other than debt service aid and preschool education aid, relative to the previous year. This adjustment is in addition to the existing adjustments allowed for increases in enrollment, health care costs, and pension contributions. The bill aims to help school districts offset the financial impact of decreased State aid.
Committee Categories
Education
Sponsors (1)
Last Action
Introduced, Referred to Assembly Education Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A655 |
| BillText | https://pub.njleg.gov/Bills/2024/A1000/655_I1.HTM |
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