Bill
Bill > A2253
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 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 based on the amount paid in the deed. In addition to the $50 million credited to the Shore Protection Fund, the bill also directs $20 million annually to be credited to the Special Needs Housing Trust Fund.
Committee Categories
Agriculture and Natural Resources
Sponsors (12)
Yvonne Lopez (D)*,
Linda Carter (D),
John DiMaio (R),
Vicky Flynn (R),
Don Guardian (R),
Sean Kean (R),
Antwan McClellan (R),
Greg McGuckin (R),
Gerry Scharfenberger (R),
Erik Simonsen (R),
Bill Spearman (D),
Claire Swift (R),
Last Action
Introduced, Referred to Assembly Environment, Natural Resources, and Solid Waste 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/A2253 |
| BillText | https://pub.njleg.gov/Bills/2024/A2500/2253_I1.HTM |
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