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 Commissioner of Education. The bill defines key terms such as "eligible school district," which refers to districts with a positive state aid differential and a reduction in state aid, and outlines the process for verifying eligibility and distributing funds.

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 voter approval. The increase in the adjusted tax levy is capped at the difference in state aid between the two school years, with a maximum increase of 9.9 percent of the previous year's adjusted tax levy. The bill also specifies that these provisions do not apply to SDA districts, which retain their existing budgetary processes. An appropriation of $44,698,846 from the Property Tax Relief Fund is allocated to support the program, with the bill's provisions taking effect immediately, while the appropriation will be distributed in the 2024-2025 school year.