Bill
Bill > ACR75
NJ ACR75
NJ ACR75Proposes constitutional amendment to dedicate tax revenue from sale of recreational marijuana for 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
If approved by the voters of the State, this proposed amendment to the New Jersey Constitution would require that sales tax revenue collected on the sale of recreational marijuana must be annually credited from the General Fund and placed in a special, newly created account, designated the Recreational Marijuana Sales Tax Account, in the Property Tax Relief Fund, and appropriated annually by the Legislature exclusively for the purpose of providing property tax relief, in the form of property tax credits, to New Jersey residents who own and occupy a home in this State as their principal residence, and who pay property taxes annually. The amount of the credit would be the same for all homeowners who meet these requirements.
AI Summary
This joint resolution proposes a constitutional amendment to dedicate all sales tax revenue from recreational marijuana sales to property tax relief in New Jersey. The amendment would establish a new special account called the Recreational Marijuana Sales Tax Account within the existing Property Tax Relief Fund. Each year, the state would transfer an amount equal to the total sales tax collected from recreational marijuana sales from the General Fund into this account. The Legislature would then be required to appropriate these funds exclusively as property tax credits for homeowners who own and occupy their home as a primary residence and pay annual property taxes. Importantly, the property tax credit amount would be uniform for all qualifying homeowners, ensuring equal treatment across the state. Before taking effect, the proposed amendment must be approved by voters at a general election, with the ballot language clearly explaining the purpose and mechanics of the proposed constitutional change.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly Oversight, Reform and Federal Relations Committee (on 01/09/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/ACR75 |
| BillText | https://pub.njleg.gov/Bills/2024/ACR/75_I1.HTM |
Loading...