Establishes inflationary State school aid growth limit; permits certain school districts to apply for Necessary Stabilization Aid.

This bill caps annual increases in New Jersey's state school aid at the inflation rate for the New York City/Philadelphia areas (plus 1% for certain districts), preventing larger funding boosts. It creates "Necessary Stabilization Aid" for school districts that would receive less funding under this cap than they would under current law. Districts qualifying for this aid must apply to the Commissioner of Education with justification and a usage plan, receiving up to the difference between their current-law funding and the capped amount. The bill applies to most public school districts but excludes vocational districts receiving separate stabilization aid.