Bill > A5613

This bill requires municipal tax collectors who receive payments in lieu of taxes (PILOT) under the "Long Term Tax Exemption Law" to directly transmit 5% of the annual service charge to the county. The bill amends existing law to mandate that when a municipality enters into a financial agreement for an urban renewal project that provides tax exemptions, the municipal finance officer must remit five percent of the annual service charge to the county government. Additionally, the bill requires the municipal finance officer to provide detailed information about each such agreement to the county, including project name, address, agreement dates, service charge amounts, and county contribution details. If the municipality fails to make the required payment, the county can recover the unpaid balance plus interest and potentially seek penalties against the municipal finance officer. This legislation aims to increase transparency and ensure proper financial reporting and fund transfer between municipalities and county governments for tax-exempt urban renewal projects.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/A5613