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 facing a positive State aid differential and a reduction in State school aid will receive an additional grant equal to 55 percent of their proposed 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 will take effect immediately for the first section, while the appropriated funds will be distributed starting July 1, 2024, for use in 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.