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 any administrative costs incurred by the Division of Taxation for managing this fund may be deducted from the collected receipts. The net contributions will be deposited into the School Aid Contribution Fund, which will be appropriated annually by the Legislature to the Department of Education for distribution to school districts, ensuring that these funds supplement rather than replace existing State school aid.

The bill emphasizes that any funds appropriated from the School Aid Contribution Fund cannot be used to supplant the amount of State funds allocated for school aid in the previous fiscal year. This measure aims to enhance funding for public schools while maintaining the integrity of existing State appropriations. The act is set to take effect immediately and will apply to taxable years beginning on or after January 1 following its enactment.