Establishes School Funding Commission to study school funding formula and prepare report that will serve as basis of new formula.

This bill establishes a 26-member School Funding Commission to study New Jersey's current school funding system and develop recommendations for a new formula. The commission includes the Education Commissioner and members appointed by state leaders, with input from education organizations and finance experts. It must examine the existing 2008 funding formula, impacts on at-risk students, neighboring states' approaches, local tax capacity, and other key factors within one year. The resulting report will directly guide the state in creating a new school funding formula affecting all public schools in New Jersey.