This bill reestablishes the senior citizen supplemental stabilization aid for school districts in municipalities where more than 51% of the population is composed of senior citizens aged 65 or older, as determined by the most recent federal decennial census. Under the provisions of the bill, qualifying school districts will receive aid amounting to $500 multiplied by the projected resident enrollment for the budget year. Additionally, if the municipality is part of a regional school district, the aid will be calculated based on the number of students from that municipality projected to enroll in the regional school district, with the regional school tax levy share for that municipality being reduced by the amount of aid received.

The bill also stipulates that the aid awarded will not be adjusted based on the actual resident enrollment of the school district in the budget year, overriding previous regulations. This reestablishment of aid is significant as it aims to support school districts in areas with a high population of senior citizens, which was previously provided under the Comprehensive Educational Improvement and Financing Act of 1996 but was repealed with the School Funding Reform Act of 2008. The bill is set to take effect immediately and will first apply in the 2008-2009 school year.