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NJ S4577
Bill
Status
6/5/2025
Primary Sponsor
Parker Space
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AI Summary
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Commissioner of Community Affairs must conduct a study, in consultation with the Division of Taxation Director, on municipal use of financial agreements that allow redevelopers to make payments in lieu of taxation for redevelopment and rehabilitation projects
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Study will cover the current fiscal year plus the prior five fiscal years and examine the total number of financial agreements, term lengths, tax revenue exempted or abated, revenue from payments in lieu of taxation, descriptions of resulting projects, and parties involved
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Municipal governing bodies are required to submit requested information to the Department of Community Affairs on forms determined by the commissioner
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Commissioner must submit a written report to the Governor and Legislature within one year of the bill's effective date, including recommendations for policy or legislative action to increase efficiency while preserving local autonomy
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Report must be published on the Department of Community Affairs website
Legislative Description
Requires DCA to conduct study on local government use of financial agreements granting tax abatements and exemptions and accepting payments in lieu of taxation for redevelopment and rehabilitation.
Community and Urban Affairs
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee
6/5/2025