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AI Summary
Establishes a surplus revenue reserve account for property tax relief in New Jersey.
Business Impact
If you manage state funds, ensure compliance with new surplus revenue rules by 2024.
What do these statuses mean? ▼
Introduced
— Filed in the legislature; not yet heard in committee
In Committee
— Assigned to and being reviewed by a legislative committee
Passed
— Approved by one or both chambers; awaiting further action
Signed / Enacted
— Signed into law by the governor; may or may not be in effect yet
Dead / Vetoed
— Vetoed, failed to pass, or session expired without action
Unknown
— Status data not yet available or awaiting classification
Affected Industries
Topics
What This Means
This bill establishes a Surplus Gross Income Tax Revenue Account within New Jersey's Property Tax Relief Fund. It aims to manage excess tax revenues to support property tax relief and state aid programs. The bill outlines conditions under which these funds can be appropriated, emphasizing fiscal prudence and emergency use.
Key Provisions
- Establishes a Surplus Gross Income Tax Revenue Account.
- Credits excess tax revenues to the account annually.
- Restricts use of funds to specific fiscal conditions.
- Prohibits tax rate increases if funds are appropriated.
- Allows emergency use of funds with Governor's approval.
Latest Legislative Action
Introduced in the Senate, Referred to Senate Commerce Committee
Bill Sponsors
| Name | Role | District |
|---|---|---|
| Nia Gill D | Sponsor | SD-034 |
Compliance Checklist
Credit excess tax revenues to the Surplus Account
Who: State Treasurer
Deadline: Annually by December 31
Who: State Treasurer
Deadline: Annually by December 31
Report account status to Governor and Legislature
Who: State Treasurer
Deadline: Annually by January 15
Who: State Treasurer
Deadline: Annually by January 15
Full Legal Analysis
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Official Bill Text
View S1402 on official legislature website →
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