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Bill > A2538
NJ A2538
NJ A2538Permits board of education to accept donations for purpose of providing property tax relief.
summary
Introduced
02/03/2020
02/03/2020
In Committee
02/03/2020
02/03/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill authorizes the board of education of any school district to establish a school property tax relief trust fund by resolution. Any trust fund established pursuant to this bill must be used solely for the purpose of reducing or offsetting the amount of property taxes to be collected by the municipalities comprising the school district. The board of education by a majority vote must select a trustee to serve as the fiduciary agent of the trust fund. The trustee has the responsibility of remitting to the tax collector the amount of funding being made available for any school year for the purpose of reducing the amount to be collected in local property taxes. The Division of Investment in the Department of the Treasury will provide advice, counsel, and any assistance to any school board in establishing a school property tax relief trust fund.
AI Summary
This bill authorizes boards of education to establish school property tax relief trust funds, which can receive donations and bequests to be used solely for reducing or offsetting local property taxes. The bill outlines the process for establishing and managing these trust funds, including the selection of a trustee to serve as the fiduciary agent. The Division of Investment in the Department of the Treasury will provide advice and assistance to school boards in setting up these trust funds. The board of education must publish the amount of funding made available through the trust fund in the public notice for the budget hearing.
Committee Categories
Education
Sponsors (4)
Last Action
Introduced, Referred to Assembly Education Committee (on 02/03/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/A3000/2538_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A3000/2538_I1.PDF |
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