This bill establishes a new formula for distributing State aid to school districts in New Jersey, ensuring compliance with the Legislature's constitutional obligation to maintain a thorough and efficient public school system. The formula calculates State aid based on projected resident enrollment figures for each school district and the total projected revenue from the State income tax. Specifically, the State aid for each district is determined by multiplying a per pupil amount—derived from the total projected income tax revenue divided by the total projected resident enrollment—by the district's own projected resident enrollment.

The bill overrides previous provisions in P.L.2007, c.260 regarding school aid distribution, thereby implementing this new formula for the first school year following its enactment and for subsequent years. The act is designed to ensure equitable funding for public schools across the State, aligning with the constitutional mandates regarding the support of free public education. The bill is set to take effect immediately upon passage.