Provides school districts spending below adequacy are not subject to certain State school aid reductions.

This bill modifies New Jersey's school funding formula for the 2019-2020 through 2024-2025 school years. It requires that school districts with a "negative State aid differential" (underfunded relative to adequacy) receive aid equal to their prior year's amount plus any new funding increases. Overfunded districts (positive differential) face phased reductions in state aid, ranging from 13% to 100% over six years, but specific exemptions apply. Districts meeting criteria - such as being in high-tax municipalities while spending below adequacy, or participating in regionalization grants - will not face these reductions.