Bill
Bill > S2011
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill increases from $25 million to $50 million the amount that is annually credited to the Shore Protection Fund from the collection of realty transfer fees. The realty transfer fee is imposed on the recording of deeds transferring real property and is calculated on the basis of the amount paid in the deed. The basic rate is $1.75 for each $500 of consideration, of which $0.50 is retained by the county and $1.25 is the State share. Currently, the first $25 million of the State share collected annually is credited to the Shore Protection Fund.
AI Summary
This bill increases the annual amount credited to the Shore Protection Fund from $25 million to $50 million, with these funds coming from the State's portion of realty transfer fees. Realty transfer fees are taxes paid when real estate is sold, calculated based on the sale price, with a portion going to the county and a portion to the State. The Shore Protection Fund is used for projects aimed at protecting the coastline, and this increase in funding is intended to bolster those efforts.
Committee Categories
Agriculture and Natural Resources
Sponsors (9)
Vin Gopal (D)*,
Vince Polistina (R)*,
Carmen Amato (R),
Nilsa Cruz-Perez (D),
Patrick Diegnan (D),
Jim Holzapfel (R),
Declan O'Scanlon (R),
Bob Singer (R),
Mike Testa (R),
Last Action
Introduced in the Senate, Referred to Senate Environment and Energy 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/S2011 |
| BillText | https://pub.njleg.gov/Bills/2026/S2500/2011_I1.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2011_I1.HTM |
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