Bill
Bill > A2954
summary
Introduced
02/16/2016
02/16/2016
In Committee
09/08/2016
09/08/2016
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 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 a fee imposed on the recording of deeds transferring real property, calculated as $1.75 for each $500 of consideration, with $0.50 retained by the county and $1.25 as the State share. The first $50 million of the State share collected annually will now be credited to the Shore Protection Fund, up from the previous $25 million.
Committee Categories
Agriculture and Natural Resources, Budget and Finance
Sponsors (15)
Bob Andrzejczak (D)*,
JoAnn Downey (D)*,
Eric Houghtaling (D)*,
Sean Kean (R)*,
R. Bruce Land (D)*,
Vincent Mazzeo (D)*,
David Rible (R)*,
Edward Thomson (R)*,
Chris Brown (R),
Marlene Caride (D),
Herbert Conaway (D),
Thomas Giblin (D),
Greg McGuckin (R),
John Wisniewski (D),
David Wolfe (R),
Last Action
Reported and Referred to Assembly Appropriations Committee (on 09/08/2016)
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/A3000/2954_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/A3000/2954_I1.PDF |
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