Bill > S1872

Introduced Session

This bill requires municipalities to establish by ordinance a dedicated municipal fund for exclusively public purposes to receive elective contributions made by real property owners. A contribution made to a municipal fund shall be expended for exclusively public purposes. Also, pursuant to the Local Budget Law and applicable State law, moneys in the fund will be allocated in the same manner as property tax revenues collected by a municipality. A property tax payer who elects to make a contribution will be allowed a credit against the owner's property tax otherwise due for the amounts contributed up to the amount of the property tax liability of the property owner for the tax year. Instructions for notifying the municipal tax collector of the election will be on each tax bill for property tax years beginning on or after January 1, 2018. The amount of money collected and deposited in the municipal fund shall not reduce the amount to be raised by local real property taxation. Elective contributions to the municipal fund for which a property owner is allowed credit will be deemed real property tax payments for the purpose of the homestead property tax benefit program, the senior and disabled citizens homestead property tax reimbursement program, and the gross income tax property tax deduction or credit.

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Richard Codey (D)*, 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 02/15/2018)