Bill
Bill > S311
summary
Introduced
01/12/2016
01/12/2016
In Committee
05/08/2017
05/08/2017
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 Regular Session
Bill Summary
This bill increases from $25 million to $50 million the amount that is annually credited to the Shore Protection Fund from the collection of realty transfer fees. The realty transfer fee is imposed on the recording of deeds transferring real property, and is calculated on the basis of the amount paid in the deed. The basic rate is $1.75 for each $500 of consideration, of which $0.50 is retained by the county and $1.25 is the State share. Currently, the first $25 million of the State share collected annually is credited to the Shore Protection Fund.
AI Summary
This bill increases the amount annually credited to the Shore Protection Fund from $25 million to $50 million. The Shore Protection Fund is funded by the state's share of the realty transfer fee, which is a fee imposed on the recording of deeds transferring real property. The bill also maintains the existing provision that credits an additional $12 million per year for the first 10 years, and $5 million per year thereafter, to the Highlands Protection Fund, but only after the full $50 million has been credited to the Shore Protection Fund. The bill applies to state fiscal years beginning after its enactment.
Committee Categories
Agriculture and Natural Resources, Budget and Finance
Sponsors (9)
Robert Andrews (D)*,
Joseph Kyrillos (R)*,
Jeff Van Drew (R)*,
Christopher Bateman (R),
Linda Greenstein (D),
Jim Holzapfel (R),
Tom Kean (R),
Bob Smith (D),
Jim Whelan (D),
Last Action
Referred to Senate Budget and Appropriations Committee (on 05/08/2017)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/S0500/311_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/S0500/311_I1.PDF |
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