This bill establishes the Stabilized School Budget Aid Grant Program within the New Jersey Department of Education, aimed at providing financial assistance to eligible school districts facing reductions in state aid for the 2024-2025 school year. Specifically, the program will grant aid equal to 45 percent of the state school aid reduction experienced by these districts, as determined by the state aid notices distributed in February 2024. The Commissioner of Education is responsible for verifying eligibility and distributing the grants accordingly.

Additionally, the bill allows certain school districts that have experienced a reduction in state aid compared to the 2020-2021 school year to adopt budgets that exceed the usual tax levy growth limitations without requiring voter approval. This provision is designed to help these districts manage their financial challenges more effectively. However, it explicitly states that this ability does not apply to SDA districts, which must adhere to existing regulations regarding tax levy increases. The bill appropriates $44,698,846 from the Property Tax Relief Fund to support the implementation of these provisions, with certain sections taking effect immediately and others on July 1, 2024.