This bill amends the Education Equity and Property Tax Relief Act to make changes to the foundation education aid formula. It establishes permanent foundation education aid effective fiscal year 2023-2024 and specifies the amount of support for high-need students and homeless students. The bill also amends the determination of the state's share of the foundation education aid, taking into account a district's revenue-generating capacity and concentration of high-need students.

In addition, the bill provides direct state funding for various educational costs, including special education, career and technical education, pre-kindergarten programs, stabilization funds for certain schools, transportation costs for non-public schools and regional school districts, and a regionalization bonus for regionalized school districts. It removes a provision for additional state support for English learners and adds a provision for state support for school resource officers. The bill also requires the department of elementary and secondary education to develop and use a poverty measure to identify eligible students and specifies the reimbursement for school districts or municipalities that employ school resource officers.