This bill establishes a voluntary contribution system for taxpayers in New Jersey, allowing them to direct a portion of their gross income tax refund to a newly created School Aid Contribution Fund. Taxpayers can indicate their desire to contribute on their tax returns, and the funds collected will be used to enhance State school aid beyond the amounts appropriated by the Legislature. The bill ensures that any costs incurred by the Division of Taxation for the administration of this fund can be deducted from the contributions, with the net amount deposited into the School Aid Contribution Fund.

Furthermore, the bill mandates that the Legislature annually appropriates all funds from the School Aid Contribution Fund to the Department of Education, which will distribute the money to school districts according to the School Funding Reform Act of 2008. Importantly, the bill stipulates that these contributions cannot be used to replace or reduce the amount of State funds allocated for school aid in the previous fiscal year, thereby ensuring that the contributions serve as an additional resource for public schools. The act is set to take effect immediately for taxable years beginning on or after January 1 following its enactment.