Increases distribution to municipalities from Energy Tax Receipts Property Tax Relief Fund over two years; prohibits anticipation of certain revenue in municipal budget; requires additional aid be subtracted from municipal property tax levy.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases the distribution of funds from the Energy Tax Receipts Property Tax Relief Fund to New Jersey municipalities over a two-year period. It prohibits municipalities from anticipating future state aid revenue in their budgets and requires them to subtract any additional aid received from their municipal property tax levy. The bill aims to restore funding cuts experienced by municipalities in recent years due to budget constraints.
Bill text
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