NJ A4602

Extends the deadline for municipalities authorized to retain non-residential development fees to provide the Department of Community Affairs with a detailed accounting of all fees collected and expended from 90 days to 180 days following the enactment of P.L.2024, c.2 (March 20, 2024)

Non-residential development fees are set at 2.5% of equalized assessed value for new construction on unimproved lots or 2.5% of the increase in equalized assessed value for additions to existing non-residential structures

Requires municipalities to submit annual reports by February 15 detailing all non-residential development fees collected and expended in the previous year

Takes effect immediately and applies retroactively to validate any municipal accounting submissions made within the extended 180-day timeframe

Addresses an inconsistency within P.L.2024, c.2 regarding the reporting timeline for non-residential development fee expenditures