Establishes Stabilized School Budget Aid Grant Program to restore certain portions of State school aid reductions; permits certain school districts to exceed tax levy growth limitation in 2024-2025 school year; appropriates $44.7 million.*

This bill creates a $71.4 million Stabilized School Budget Aid Grant Program to help eligible New Jersey school districts offset state aid reductions for the 2024-2025 school year. It provides grants covering up to two-thirds of a district’s state aid reduction, but requires districts to first fully use all available tax authority (including "banked" tax capacity) before receiving aid. Districts receiving aid may also increase local tax levies by up to one-third of the aid amount, but cannot exceed a 9.9% tax levy growth limit relative to the prior year. The program directly affects school districts facing state aid cuts, with eligibility based on positive state aid differentials and subject to specific spending and staffing requirements.