Bill
Bill > A501
NJ A501
NJ A501Requires municipalities comprised within regional school districts to share certain payments received in lieu of taxes with counties and regional school districts.
summary
Introduced
01/14/2020
01/14/2020
In Committee
01/14/2020
01/14/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill would require municipalities comprised within a regional school district to provide a portion of the amounts received in lieu of property taxation from urban renewal entities to the county and to the regional school district. A municipality that receives a payment in lieu of taxation from an urban renewal entity would be required to distribute a portion of the amount received, immediately upon receipt, to the county and to the regional school district based upon the distribution of the amount raised by taxation in the taxing district to those entities in the prior year.
AI Summary
This bill would require municipalities that are part of a regional school district to share a portion of the payments they receive in lieu of property taxes from urban renewal entities with the county and the regional school district. The amount shared would be proportional to how the municipality's property tax revenues are distributed to those entities in the prior year. This change would provide additional funding to counties and regional school districts from these in-lieu-of-tax payments.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 01/14/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2020/A501 |
| BillText | https://www.njleg.state.nj.us/Bills/2020/A1000/501_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2020/A1000/501_I1.PDF |
| BillText | https://www.njleg.state.nj.us/2020/Bills/A1000/501_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A1000/501_I1.PDF |
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