Bill > A5447

This bill establishes a "Subaccount for School Funding Protection" within the Property Tax Relief Fund to prevent state aid losses for schools during economic emergencies. The State Treasurer will credit at least 50% of any excess resources deposited into the Property Tax Relief Fund over the amount originally certified by the Governor to the Subaccount annually. Balances in the Subaccount under $2 million can only be appropriated if the Governor certifies anticipated resources in the Property Tax Relief Fund are less than originally certified or the Legislature finds an appropriation from the Subaccount is more prudent than raising taxes. The bill also restricts any increases to gross income or sales tax rates unless the resource decline in the Property Tax Relief Fund exceeds 2% of the total available resources.

Education

https://www.njleg.state.nj.us/bill-search/2022/A5447