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Bill > A1886
NJ A1886
NJ A1886Clarifies tax status of certain construction projects undertaken at State and county colleges through public-private partnerships and eliminates the sunset provision for such projects.
summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
2010-2011 Regular Session
Bill Summary
Pursuant to provisions of the "New Jersey Economic Stimulus Act of 2009," P.L.2009, c.90, a State college or county college may enter into a contract with a private entity, under certain conditions, that permits the private entity to assume full financial and administrative responsibility for a construction or improvement project, provided that the project is financed in whole by the private entity and that the ownership of the land remains with the State or institution of higher education, as applicable. This bill clarifies that such a project is exempt from property taxation and special assessments of the State, a municipality, or other political subdivision of the State. Also, under current law, a project must be submitted to the New Jersey Economic Development Authority for its review and approval within nineteen months of the laws original effective date, July 28, 2009. The bill removes this time limit on the submission and approval of projects.
AI Summary
This bill clarifies that construction projects undertaken at State and county colleges through public-private partnerships, where a private entity manages and finances the project while the institution retains land ownership, are exempt from property taxes and special assessments. It also removes a previous deadline, originally set for nineteen months after July 28, 2009, for submitting these projects to the New Jersey Economic Development Authority (EDA) for review and approval, meaning such projects can now be submitted and approved without a time limit.
Committee Categories
Education
Sponsors (1)
Last Action
Withdrawn from Consideration (on 01/25/2010)
bill text
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| Bill | https://www.njleg.state.nj.us/2010/Bills/A2000/1886_I1.HTM | 05/28/2012 |
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