Bill
Bill > A1475
NJ A1475
NJ A1475Requires municipalities comprised within regional school districts to share certain payments received in lieu of taxes with counties and regional school districts.
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 would require municipalities comprised within a regional school district to provide a portion of the amounts received in lieu of property taxation from urban renewal entities to the county and to the regional school district. A municipality that receives a payment in lieu of taxation from an urban renewal entity would be required to distribute a portion of the amount received, immediately upon receipt, to the county and to the regional school district based upon the distribution of the amount raised by taxation in the taxing district to those entities in the prior year.
AI Summary
This bill would require municipalities that are part of a regional school district to share a portion of the payments they receive in lieu of property taxes from urban renewal entities with the county and the regional school district. The amount shared would be based on the distribution of tax revenues to those entities in the prior year. This aims to provide additional funding to counties and regional school districts that may be impacted by the tax-exempt status of these urban renewal projects within their jurisdictions.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
Combined with A326 (ACS) (on 03/07/2016)
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/A1500/1475_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/A1500/1475_I1.PDF |
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