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Bill > S552
NJ S552
NJ S552Permits board of education to accept donations for purpose of providing property tax relief.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 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 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 must select a trustee to serve as the fiduciary agent of the trust fund, who is responsible for remitting the amount of funding available to the tax collector to reduce the property tax levy. The Division of Investment in the Department of the Treasury will provide advice and assistance to any school board in establishing and maintaining the trust fund.
Committee Categories
Education
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Education Committee (on 01/09/2024)
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/2024/S552 |
| BillText | https://pub.njleg.gov/Bills/2024/S1000/552_I1.HTM |
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