This bill establishes a special fund known as the School Aid Contribution Fund within the Department of the Treasury, allowing taxpayers to voluntarily contribute a portion of their New Jersey gross income tax refund to support State aid for public schools. Taxpayers can indicate their contribution on their tax returns, and the funds collected will be used to supplement the State school aid appropriated by the Legislature, ensuring that these contributions do not replace existing State funding levels from the previous fiscal year.

Additionally, the bill outlines that any administrative costs incurred by the Division of Taxation related to the collection of these contributions may be deducted from the total receipts before depositing the net contributions into the School Aid Contribution Fund. The Legislature is required to annually appropriate all funds from this special fund to the Department of Education, which will then distribute the money to school districts in accordance with the School Funding Reform Act of 2008. The act is set to take effect immediately for taxable years beginning on or after January 1 following its enactment.