NJ S2911

Establishes a $2 billion School Property Tax Relief Trust Fund in New Jersey's Department of Education, funded from the General Fund and federal American Rescue Plan Act funds

Creates a grant program for school districts to fund capital improvements, hire teachers, and cover employee wage and benefit increases, with grants available as lump sum or five equal annual payments

School districts accepting grants are prohibited from increasing their adjusted tax levy for five years and cannot use "cap banking" provisions in the sixth year

Grant preference given to districts with consolidation or shared services plans to reduce spending, and to districts in municipalities meeting affordable housing obligations

Designed as a non-lapsing revolving fund with investment earnings reinvested, with the Commissioner prohibited from allocating funds in amounts that diminish the fund's long-term viability