New Jersey S2434 provides tax levy cap adjustments for school districts facing reductions in State school aid.
New Jersey S2434 amends the tax levy growth limitation for school districts experiencing reductions in State school aid. The bill allows certain school districts to adjust their tax levy cap if they face a reduction in State aid during the 2023-2024 or 2024-2025 school years. The allowable adjustment is calculated based on the difference between the previous year's State aid and the current year's aid. The bill also prohibits districts from reducing their teacher workforce or instructional appropriations without approval from the Commissioner of Education.
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