Bill
Bill > S1071
summary
Introduced
01/30/2020
01/30/2020
In Committee
11/08/2021
11/08/2021
Crossed Over
06/30/2021
06/30/2021
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill increases from $25 million to $50 million the amount that is annually credited to the Shore Protection Fund from the collection of realty transfer fees. The realty transfer fee is imposed on the recording of deeds transferring real property and is calculated on the basis of the amount paid in the deed. The basic rate is $1.75 for each $500 of consideration, of which $0.50 is retained by the county and $1.25 is the State share. Currently, the first $25 million of the State share collected annually is credited to the Shore Protection Fund.
AI Summary
This bill increases from $25 million to $50 million the amount that is annually credited to the Shore Protection Fund from the collection of realty transfer fees. The realty transfer fee is imposed on the recording of deeds transferring real property and is calculated based on the amount paid in the deed. The bill also provides that no monies shall be credited to the Highlands Protection Fund until and unless the full $50 million has first been credited to the Shore Protection Fund.
Committee Categories
Agriculture and Natural Resources
Sponsors (7)
Vin Gopal (D)*,
Tom Kean (R)*,
Chris Brown (R),
Linda Greenstein (D),
Jim Holzapfel (R),
Declan O'Scanlon (R),
Mike Testa (R),
Last Action
Received in the Assembly, Referred to Assembly Environment and Solid Waste Committee (on 11/08/2021)
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/S1071 |
| BillText | https://www.njleg.state.nj.us/Bills/2020/S1500/1071_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2020/S1500/1071_I1.PDF |
| BillText | https://www.njleg.state.nj.us/2020/Bills/S1500/1071_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S1500/1071_I1.PDF |
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