The bill amends the Taxpayer Relief Act of June 27, 2006, by adding a new chapter titled "Additional Homestead Exclusion Allocation." This chapter establishes a framework for school districts to receive an allocation based on the total number of farmstead and homestead properties within their jurisdiction, calculated at $1,000 per property. The funds allocated must be used to provide an additional property tax exclusion of 50% of the real estate tax due for each qualifying property, capped at $1,000.

Additionally, the bill requires school districts to submit a report to the Department of Education detailing the number of farmstead and homestead properties and the total amount of real estate taxes to be reduced before receiving the allocation. The Department of Education is tasked with certifying this information and transmitting it to the Appropriations Committees of both the Senate and the House of Representatives. The General Assembly will also appropriate the necessary funds to the Department of Education to facilitate these allocations. The act is set to take effect 60 days after its passage.