Bill
Bill > A3400
NJ A3400
NJ A3400Requires municipalities comprised within regional school districts to share certain payments received in lieu of taxes with counties and regional school districts.
summary
Introduced
02/01/2024
02/01/2024
In Committee
02/01/2024
02/01/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill would require municipalities comprised within a regional school district to provide a portion of the amounts received in lieu of property taxation from urban renewal entities to the county and to the regional school district. A municipality that receives a payment in lieu of taxation from an urban renewal entity would be required to distribute a portion of the amount received, immediately upon receipt, to the county and to the regional school district based upon the distribution of the amount raised by taxation in the taxing district to those entities in the prior year.
AI Summary
This bill requires municipalities that are part of a regional school district to share a portion of the payments they receive in lieu of property taxes from urban renewal entities with the county and the regional school district. Specifically, the bill mandates that municipalities remit a percentage of the annual service charge they receive from urban renewal entities to the county and regional school district, in proportion to how the amount raised by taxation is distributed to those entities. This ensures that counties and regional school districts also benefit from the payments made in lieu of taxes by urban renewal entities within the municipalities that are part of those districts.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 02/01/2024)
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/A3400 |
| BillText | https://pub.njleg.gov/Bills/2024/A3500/3400_I1.HTM |
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