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NJ S3787
Bill
Status
7/8/2025
Primary Sponsor
Nicholas Scutari
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AI Summary
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Requires municipalities to remit 5% of annual service charges collected under the Long Term Tax Exemption Law directly to the county, with unpaid balances subject to 1% monthly interest plus attorneys' fees and court costs
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Mandates municipal finance officers provide detailed quarterly reporting to counties on each tax exemption agreement, including project name, address, agreement dates, service charge amounts, and county portion due
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Authorizes potential revocation or suspension of municipal finance officer certificates for willful failure to comply with county payment requirements
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Allows municipalities to also remit portions of service charges to boards of education if contracts exist under P.L.2023, c.311
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Takes effect on the first day of the third month following enactment, applying to all financial agreements entered into on or after the effective date of P.L.2003, c.125
Legislative Description
Requires municipal tax collectors who obtain payments in lieu of taxes under "Long Term Tax Exemption Law" to transmit county portion directly to county.
Bills and Joint Resolutions Signed by the Governor
Last Action
Approved P.L.2025, c.91.
7/8/2025