Bill > A6124

This bill updates the allocation of hotel and motel occupancy fees collected by the New Jersey Division of Taxation, specifically modifying how revenues from these fees will be distributed from State Fiscal Year 2027 onwards. The bill establishes minimum guaranteed funding amounts for several cultural and tourism-related organizations: the New Jersey State Council on the Arts will receive at least $31,900,000, the New Jersey Historical Commission will get at least $5,500,000, the Division of Travel and Tourism will receive at least $17,600,000, and the New Jersey Cultural Trust will be allocated at least $720,000 annually. The legislation also includes provisions requiring transient space marketplaces (like online booking platforms) to collect and pay taxes on behalf of accommodation providers and maintain detailed transaction records for at least four years. Additionally, the bill includes a "poison pill" provision that would stop the collection of occupancy fees if the annual appropriations act does not meet the specified minimum funding requirements, with the Director of the Division of Taxation required to notify tax collectors to cease fee collection if these requirements are not met.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A6124