Establishes a formula for the distribution of State aid to school districts.
This bill sets a formula for distributing State aid to school districts in New Jersey. It mandates the Department of Education to calculate each district's projected resident enrollment and the total statewide enrollment. The State Treasurer will estimate the total projected revenue from the State income tax. State aid for each district is calculated by dividing the total projected income tax revenue by the total projected resident enrollment, then multiplying that per pupil amount by the district's projected resident enrollment.
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