Abstract
Passage of New Jersey's school finance reform law raised questions about whether it would equalize funding between rich and poor districts, whether poor districts would waste their increases, and whether equalization would impair richer districts. Budgetary and interview data from 11 districts of varying wealth suggest that in the first year the law only modestly increased fiscal equality. Poor districts used new funds to improve other programs and the material educational environment. Wealthier districts experienced only minor cuts, which resulted as much from residents' unwillingness to tax themselves to the level allowed by the state as from reduced state funds.
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