This bill appropriates $54.6 million to provide additional funding through the Stabilized School Budget Aid Grant Program, aimed at restoring State school aid reductions for the 2024-2025 school year. Specifically, it mandates that school districts experiencing a positive State aid differential and facing reductions in their State school aid will receive an additional grant equal to 55 percent of their calculated aid reduction. This grant is in addition to the aid already proposed in the State aid notices and any previous grants received under the same program.

The bill also outlines the funding mechanism, appropriating $54,631,923 from the Property Tax Relief Fund to the Department of Education to support these provisions. The act will take effect immediately for the first section, while the appropriated funds will be distributed in the 2024-2025 school year, ensuring that eligible school districts receive the necessary financial support to mitigate the impact of the proposed aid reductions.