New Jersey A1590 provides tax levy growth limitation adjustments for school districts facing reductions in State aid.
New Jersey A1590 amends the tax levy growth limitation for school districts, allowing for adjustments when there is a reduction in State aid. The bill specifies that the allowable adjustment for a decrease in State school aid equals the decrease in the school district's State aid, excluding debt service aid and preschool education aid, relative to the prebudget year. This adjustment aims to accommodate financial changes due to reduced State aid while maintaining fiscal responsibility.
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