Temporary Recession Aid for Schools and Taxpayers Act - Directs the Secretary of Education to award three-year grants to local governments for elementary and secondary education programs within their jurisdiction if they experience at least a 15% decrease in property tax revenues from FY2008 to FY2009 or from FY2009 to FY2010.
Allows local governments to apply for two separate grants if they experience at least a 15% decrease in property tax revenues in each of such time periods.
Gives priority to local governments that experience the largest decreases in property tax revenues relative to their tax base and whose decrease is attributable to the permanent or temporary shutdown or closure of a large employer or several small employers.