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Senate Bill No. 2434 Offers Financial Flexibility to School Districts Facing Aid Reductions TRENTON, NJ – The Senate Education Committee has favorably reported on Senate Bill No. 2434, a legislative move designed to provide financial relief to school districts facing reductions in state school aid. The bill introduces a tax levy cap adjustment mechanism for districts experiencing decreased state funding in the 2023-2024 and 2024-2025 school years under the framework of P.L.2018, c.67, also known as “S2.” Currently, school districts are generally limited to increasing their property tax levy by no more than two percent annually. This bill, however, allows
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Senate Bill No. 2434 Offers Financial Flexibility to School Districts Facing Aid Reductions TRENTON, NJ – The Senate Education Committee has favorably reported on Senate Bill No. 2434, a legislative move designed to provide financial relief to school districts facing reductions in state school aid. The bill introduces a tax levy cap adjustment mechanism for districts experiencing decreased state funding in the 2023-2024 and 2024-2025 school years under the framework of P.L.2018, c.67, also known as “S2.” Currently, school districts are generally limited to increasing their property tax levy by no more than two percent annually. This bill, however, allows
