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Bill > A1043
NJ A1043
NJ A1043Permits board of education to accept donations for purpose of providing property tax relief.
summary
Introduced
01/27/2016
01/27/2016
In Committee
01/27/2016
01/27/2016
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 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 authorizes the board of education of any school district to establish a school property tax relief trust fund. The trust fund must be used solely to reduce or offset the amount of property taxes to be collected by the municipalities comprising the school district. The board of education must select a trustee to serve as the fiduciary agent of the trust fund, who is responsible for remitting the funding to the tax collector to reduce the property tax levy. The Division of Investment in the Department of the Treasury will provide advice and assistance to school boards in establishing the trust fund, and the Commissioner of Education will promulgate rules and regulations for its implementation.
Committee Categories
Education
Sponsors (2)
Last Action
Introduced, Referred to Assembly Education Committee (on 01/27/2016)
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/A1500/1043_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/A1500/1043_I1.PDF |
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