Establishes New Jersey Property Tax Relief and Education Empowerment Program to provide both property tax relief to citizens and educational grants to certain students enrolled in nonpublic schools.

This bill establishes the New Jersey Property Tax Relief and Education Empowerment Program, aiming to provide both property tax relief to residents and educational grants to students attending nonpublic schools. The program would distribute ‘education empowerment grants’ to eligible students, calculated as the lesser of the nonpublic school’s per-pupil cost or 50% of the resident school district’s spending per pupil. Savings generated by the program will be used to reduce local school tax burdens and increase funding for the homestead property tax credit. The bill also outlines requirements for participating nonpublic schools and establishes a process for distributing funds and ensuring academic accountability.