The bill establishes the School Finance Reform Commission within the Department of Education, consisting of 13 members, including the Commissioner of Education and the President of the State Board of Education, along with 11 public members appointed by various legislative leaders and the Governor. The commission is tasked with studying and providing recommendations on improving school budgeting, finance, and funding, focusing on school district property tax levies and the calculation of local share for equalization aid. Appointments to the commission must be made within 30 days of the bill's effective date, and members will serve without compensation but can be reimbursed for necessary expenses.

The commission is required to organize within 30 days of member appointments and will submit a report to the Governor and Legislature within one year of its formation. This report will include findings and recommendations for enhancing school finance and budgeting practices, and it will be made publicly available on the Department of Education's website. The act will take effect immediately and will expire 30 days after the commission issues its final report.