Makes various changes to school funding law and Educational Adequacy Report; establishes Special Education Funding Review Task Force.*

S 3917 modifies New Jersey's school funding system by changing how school districts can increase their local tax levies, allowing up to the district's local share (what the funding formula determines they can afford) for some districts, or up to a 7% increase for others, while maintaining a 2% cap for districts already above their local share. It lowers the cost threshold for extraordinary special education aid from $40,000 to $35,000 for students in integrated public school programs and gradually phases in full funding over five years. The bill establishes "reduction adjustment aid" to ensure State school aid doesn't decrease by more than 2% of a district's total operating budget and creates "municipal overburden protections" for districts in high-tax municipalities. Additionally, it requires the Department of Education to make school funding calculations more transparent and establishes a Special Education Funding Review Task Force.