Bill > S882

Introduced Session

This bill amends N.J.S.40A:2-22, a section of the "Local Bond Law," to increase the period of usefulness of fire engines, apparatus, and equipment, for bonding purposes, when purchased new, from 10 to 20 years. The bill also allows for passenger cars and station wagons, when purchased new, to be financed for a period not to exceed five years. This bill specifies that the period of usefulness for certain vehicles and apparatus for bonding purposes is as follows: (1) for automotive vehicles, including original apparatus and equipment, when purchased new, the period of usefulness is five years, with the bill extending applicability for vehicles with a gross vehicle weight rating (GVWR) below 15,000 pounds, and the period of usefulness is 10 years for vehicles with GVWR in excess of 15,000 pounds; and (2) for major repairs, reconditioning, or overhaul of fire engines and apparatus, ambulances, rescue vehicles, and similar public safety vehicles, the bill extends applicability to public works vehicles with GVWR in excess of 15,000 pounds, and heavy construction equipment with a weight in excess of 10,000 pounds, which may reasonably be expected to extend for at least five years the period of usefulness thereof, the period of usefulness is five years. The bill also defines "Gross vehicle weight rating" to mean the value specified by the manufacturer as the loaded weight of a single or combination (articulated) vehicle. The GVWR of a combination (articulated) vehicle, commonly referred to as the "gross combination weight rating" or "GCWR," is the GVWR of the power unit plus the GVWR of the towed unit or units.

Committee Categories

Tony Bucco (R)*,  Paul Sarlo (D)*, 

Withdrawn Because Approved P.L.2023, c.333. (on 01/09/2024)

Official Document