Bill > A5963

Introduced Session

This bill dedicates 50 percent of the revenues generated from the additional taxes and fees imposed on certain transfers of real property for over $1 million to the New Jersey Affordable Housing Trust Fund. Currently, an additional fee is imposed on the seller of various categories of real property, including residential property, commercial property, certain farm property, and cooperative units, for consideration in excess of $1 million, as recited in the deed. The State also imposes a controlling interest transfer tax on certain non-deed transfers of commercial property that are not subject to this additional fee. The controlling interest transfer tax is imposed on the seller of a controlling interest in an entity that directly or indirectly owns certain commercial property, provided that the consideration paid to acquire the interest exceeds $1 million. Under current law, the revenues generated from these taxes and fees are deposited into the General Fund. The bill specifies that 50 percent of these revenues would instead be annually deposited into the "New Jersey Affordable Housing Trust Fund" to support appropriations for affordable housing purposes.

AI Summary

Committee Categories

Yvonne Lopez (D)*,  Carol Murphy (D)*,  Verlina Reynolds-Jackson (D)*,  Joe Danielsen (D),  Margie Donlon (D),  Luanne Peterpaul (D), 

Introduced, Referred to Assembly Housing Committee (on 07/24/2025)

Official Document