NJ S1027

Establishes a five-year pilot program providing 100% tax credits to taxpayers who contribute to a designated nonprofit scholarship organization funding educational scholarships for low-income children in eight targeted New Jersey school districts (Asbury Park, Camden, Elizabeth, Lakewood, Newark, Orange, Passaic, and Perth Amboy).

Scholarships are capped at $6,000 or 40% of average per-pupil expenditure for grades K-8, and $9,000 or 59% for grades 9-12, with program limits of 2,500 scholarships in year one scaling up to 10,000 by years four and five.

Eligibility requires children to be from households earning no more than 2.5 times the federal poverty threshold and attending or zoned for "chronically failing schools" where 40%+ of students score below expectations in both math and language arts, or 60%+ in either subject.

Creates a five-member Opportunity Scholarship Board appointed by the Governor and legislative leaders to select and oversee the scholarship organization, with mandatory annual audits and an independent evaluation to inform reauthorization recommendations.

State school aid to targeted districts is reduced by the scholarship amount plus administrative fees ($750 per scholarship in year one, decreasing to $210 by year five), with districts required to provide transportation to scholarship recipients.