Bill
Bill > S1614
summary
Introduced
02/05/2018
02/05/2018
In Committee
03/07/2019
03/07/2019
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 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 additional $25 million in the State's share will now be credited to the Shore Protection Fund, which is used for shore protection projects.
Committee Categories
Agriculture and Natural Resources
Sponsors (10)
Bob Andrzejczak (D)*,
Tom Kean (R)*,
Robert Andrews (D),
Chris Brown (R),
Patrick Diegnan (D),
Vin Gopal (D),
Linda Greenstein (D),
Declan O'Scanlon (R),
Mike Testa (R),
Jeff Van Drew (R),
Last Action
Reported from Senate Committee, 2nd Reading (on 03/07/2019)
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/2018/Bills/S2000/1614_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S2000/1614_I1.PDF |
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