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 stipulates 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 the specified amount from the Property Tax Relief Fund to the Department of Education to implement these provisions. The act is set to take effect immediately, while the appropriated funds will be distributed during the 2024-2025 school year. This initiative is designed to mitigate the impact of State aid reductions on school districts, ensuring they receive necessary financial support to maintain their budgets.