Bill > A4757

This bill establishes a new transportation infrastructure development fee imposed on construction projects, with the amount of the fee varying based on the square footage of the construction, ranging from $1,000 for smaller projects to $25,000 for larger ones, and an additional $10,000 fee for projects over 50,000 square feet located near a transportation structure in critical need of repair, as determined by the New Jersey Department of Transportation. "Construction" in this context refers to new buildings and additions, but not alterations, repairs, or renovations. A "developer," defined as the owner or someone with a legal interest in the land, must pay this fee before receiving a certificate of occupancy, and the fee will not apply to projects with permits issued before the bill's effective date. The collected fees will be distributed by the State Treasurer, with 15% going to the municipality where the construction is located, 15% to the county, and the remaining 70% to the "Transportation Trust Fund Account - Subaccount for Debt Service for Transportation Program Bonds," which is a fund used for transportation projects. Municipalities and counties are required to establish their own trust funds for these fees, which can only be used for transportation infrastructure projects. The bill also amends existing law to ensure that 70% of the revenue from this new fee is dedicated to the aforementioned subaccount within the Transportation Trust Fund. This act is set to take effect on July 1 following its enactment.