NJ A5963

Requires the State to annually deposit 50% of revenues from the additional fee on real property transfers exceeding $1 million (imposed on sellers of residential, commercial, farm property, and cooperative units) into the New Jersey Affordable Housing Trust Fund

Also dedicates 50% of revenues from the controlling interest transfer tax on non-deed transfers of commercial property valued over $1 million to the Affordable Housing Trust Fund

Currently, revenues from both the additional transfer fee and the controlling interest transfer tax go to the General Fund; this bill redirects half to affordable housing purposes

Takes effect on July 1 following enactment