Limits long term tax exemptions in municipalities with school districts receiving certain State school aid.

This bill prohibits municipalities with school districts receiving specific state education aid from exempting school property taxes on new urban renewal projects. It applies to financial agreements executed after the bill's effective date, requiring that school taxes be paid instead of being waived for these projects. The rule specifically affects the school portion of property taxes, not other taxes, and targets school districts qualifying for state education aid under current law (formerly known as "Abbott districts").