Bill
Bill > A2596
NJ A2596
NJ A2596Permits board of education to accept donations for purpose of providing property tax relief.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill authorizes the board of education of any school district to establish a school property tax relief trust fund by resolution. Any trust fund established pursuant to this bill must be used solely for the purpose of reducing or offsetting the amount of property taxes to be collected by the municipalities comprising the school district. The board of education by a majority vote must select a trustee to serve as the fiduciary agent of the trust fund. The trustee has the responsibility of remitting to the tax collector the amount of funding being made available for any school year for the purpose of reducing the amount to be collected in local property taxes. The Division of Investment in the Department of the Treasury will provide advice, counsel, and any assistance to any school board in establishing a school property tax relief trust fund.
AI Summary
This bill allows a school district's board of education to create a special trust fund, called a "school property tax relief trust fund," by passing a resolution. This fund can only be used to lower or offset the property taxes that municipalities within the school district collect. The board of education will choose a trustee, who is not a board member or employee, to manage the fund and act as its fiduciary agent. The Division of Investment in the Department of the Treasury will offer guidance and assistance to school boards in setting up and managing these trust funds, including advice on investments. The trustee is responsible for giving the money from the trust fund to the local tax collector each school year, and this money will be used to reduce the total amount of property taxes owed by residents. The bill also requires that the amount of funding available from this trust fund be published in the notice for public hearings on the school budget.
Committee Categories
Education
Sponsors (1)
Last Action
Introduced, Referred to Assembly Education Committee (on 01/13/2026)
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/2026/A2596 |
| BillText | https://pub.njleg.gov/Bills/2026/A3000/2596_I1.HTM |
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