S 3310
Caps State use portion of energy tax revenues and ensures balance of such revenues are paid annually as municipal aid.
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- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill limits the amount of state government that can use energy tax revenues, capping it at the amount previously taken by the state. It ensures that the remaining revenue is distributed annually to municipalities as municipal aid. Specifically, it amends existing law to establish a fund for energy tax receipts and mandates that the state cannot retain more than $403 million annually from these revenues, with the remainder being paid out to local municipalities. This aims to provide greater property tax relief to New Jersey communities.
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