Bill > S3081

This bill establishes a Stabilized School Budget Aid Grant Program to help eligible school districts recover some of the State school aid they have lost, providing grants equal to 45 percent of their calculated reduction for the 2024-2025 school year. An "eligible school district" is one that has a positive "State aid differential" (meaning they are owed more aid than they are currently receiving under a specific law, P.L.2018, c.67) and is experiencing a reduction in State school aid for the 2024-2025 school year. Additionally, for the 2024-2025 school year, certain school districts that have experienced a State school aid reduction compared to the 2020-2021 school year will be permitted to exceed the usual limit on increasing their local property tax levy, known as the "tax levy growth limitation," without needing voter approval. This exception does not apply to "SDA districts," which are a specific type of school district defined elsewhere in law. The bill also appropriates $44.7 million from the Property Tax Relief Fund to the Department of Education to fund these aid grants.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/S3081