This bill reestablishes the senior citizen supplemental stabilization aid for school districts located 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. Qualifying school districts will receive aid calculated at $500 multiplied by the projected resident enrollment for the budget year. If the municipality is part of a regional school district, the aid will be based on the number of students from that municipality projected to enroll in the regional school district, and the school tax levy for the regional district will be reduced by the amount of aid received.

The bill also specifies 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 follows the repeal of the original statute under the School Funding Reform Act of 2008, which had previously provided similar support based on a 45% threshold of senior residents. The bill is set to take effect immediately and will first apply in the 2008-2009 school year.