NJ A5787

Establishes the "Municipal Property Tax Relief Aid Fund" effective July 1, 2025, replacing the existing Energy Tax Receipts Property Tax Relief Aid and Consolidated Municipal Property Tax Relief Aid programs

Credits $1,455,000,000 to the fund in State fiscal year 2026, with annual increases tied to the Implicit Price Deflator for State and Local Government Purchases index rate in subsequent years

Guarantees each municipality receives at least the amount it received in Energy Tax Receipts Property Tax Relief Aid during calendar year 2024 (or SFY 2025 for State fiscal year municipalities)

Distributes any aid exceeding current levels based on a formula considering population, median household income, equalized property valuation per capita, State-exempt property values, municipal distress levels, and spending restraint factors

Eliminates corporation business tax liability for non-utility corporate taxpayers if the State fails to appropriate the required amounts to the fund in any fiscal year