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  • NJ A385
  • Guarantees each municipality, at a minimum, Fiscal Year 2010 distribution of Energy Tax Receipts Property Tax Relief Aid in State Fiscal Year 2012.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill amends P.L.1997, c.167 the "Energy Tax Receipts Property Tax Relief Act," (C.52:27D-438 et seq.) in order to provide each municipality with a minimum level or Energy Tax Receipts (ETR) Property Tax Relief Aid for Fiscal Year 2012. The minimum amount of ETR Aid would be equal to the amount of ETR Aid distributed to each municipality in State Fiscal Year 2010. If the appropriation and distributions are not made by the State, the State will forfeit the collection of corporation business tax liabilities from all corporate taxpayers that are not public utilities for that tax year. P.L.2010, c.35, the Fiscal Year 2011 Appropriations Act, provided for a total distribution of $1.029 billion in State Aid. In 1997, the State created the "Energy Tax Receipts Property Tax Receipts Property Tax Relief Fund" as a dedicated fund to replace the Gross Receipts and Franchise Tax. Certain revenues generated by the Corporation Business Tax, Sales and Use Tax, and the Transitional Energy Facilities Assessment are deposited into the fund and distributed to municipalities as a means of reducing the municipal property tax levy. ETR Aid is provided to municipalities as a replacement for property tax revenues that they are no longer authorized to collect.
Not specified
Introduced, Referred to Assembly State and Local Government Committee  (on 1/27/2016)
 
 

Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly State and Local Government Committee
Date Motion Yea Nay Other
None specified