Extends eligibility for short-term financial assistance under Transitional Aid to Localities program to municipalities that lose a major commercial ratable.

S 1958 extends short-term financial aid under New Jersey's Transitional Aid to Localities program to municipalities that lose a major commercial business property generating significant property tax revenue. It defines a "major local business ratable" as a single business property (commercial/industrial) that either had the highest assessed value in the municipality, paid over 10% of the total municipal tax levy annually, or was otherwise critical to the municipality's finances. The bill allows the Director of Local Government Services to allocate aid without imposing additional oversight requirements on affected municipalities, and directs that aid can be paid to school districts or counties as if it were municipal tax revenue. This change specifically helps towns facing sudden fiscal strain from businesses relocating or changing use (like tax-exempt facilities), protecting residents from sharp property tax increases or service cuts.