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Bill > A5785
NJ A5785
NJ A5785Permits board of education to accept donations for purpose of providing property tax relief.
summary
Introduced
11/30/2023
11/30/2023
In Committee
11/30/2023
11/30/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 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 the board of education of any school district to establish a school property tax relief trust fund. The trust fund can accept donations and its net proceeds must be used solely to reduce or offset the amount of local property taxes to be collected. The bill outlines the process for establishing and managing the trust fund, including the selection of a trustee as the fiduciary agent. The trustee is responsible for remitting the available funding to the local tax collector in order to reduce the property tax levy. The establishment of the trust fund does not limit the school district's ability to secure state aid.
Committee Categories
Education
Sponsors (1)
Last Action
Introduced, Referred to Assembly Education Committee (on 11/30/2023)
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/2022/A5785 |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5785_I1.HTM |
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