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Bill > S1769
NJ S1769
NJ S1769Requires municipalities comprised within regional school districts to share certain payments received in lieu of taxes with counties and regional school districts.
summary
Introduced
03/07/2016
03/07/2016
In Committee
03/07/2016
03/07/2016
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 municipality would have to distribute the funds immediately upon receipt, with the distribution based on the prior year's allocation of property tax revenue to the county and regional school district. This change would apply to municipalities that enter into financial agreements for urban renewal projects on or after the effective date of the bill.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (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/S2000/1769_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/S2000/1769_I1.PDF |
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