Bill
Bill > A3337
NJ A3337
NJ A3337Allows projects supported by State or municipal affordable housing trust fund to be exempt from property tax and to instead contribute to municipal services by making payments in lieu of taxation.
summary
Introduced
01/09/2024
01/09/2024
In Committee
03/11/2024
03/11/2024
Crossed Over
02/12/2024
02/12/2024
Passed
03/18/2024
03/18/2024
Dead
Signed/Enacted/Adopted
03/20/2024
03/20/2024
Introduced Session
2024-2025 Regular Session
Bill Summary
An Act authorizing municipalities to grant tax exemptions and negotiate payments in lieu of taxation for housing projects and programs supported by the State or municipal affordable housing trust fund, and amending P.L.1985, c.222 and P.L.2008, c.46.
AI Summary
This bill allows projects supported by a State or municipal affordable housing trust fund to be exempt from property tax and instead contribute to municipal services by making payments in lieu of taxation. The bill amends existing laws to authorize municipalities to grant tax exemptions and negotiate payments in lieu of taxation for these housing projects and programs. It also provides additional details and requirements around the administration and use of municipal affordable housing trust funds.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (6)
Annette Quijano (D)*,
Verlina Reynolds-Jackson (D)*,
Troy Singleton (D)*,
Brian Stack (D)*,
Benjie Wimberly (D)*,
Sterley Stanley (D),
Last Action
Approved P.L.2024, c.6. (on 03/20/2024)
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/A3337 |
| BillText | https://pub.njleg.gov/Bills/2024/PL24/6_.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/AL24/6_.HTM |
| Analysis - Statement SBA 3/11/24 | https://pub.njleg.gov/Bills/2024/A3500/3337_S3.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/A3500/3337_R1.HTM |
| Analysis - Statement 2/8/24 AAP | https://pub.njleg.gov/Bills/2024/A3500/3337_S2.PDF |
| Analysis - Statement AHO 1/29/24 | https://pub.njleg.gov/Bills/2024/A3500/3337_S1.PDF |
| Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2024/A3500/3337_T1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/A3500/3337_I1.HTM |
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