New Jersey A1209 eliminates Energy Tax Receipts Property Tax Relief Aid and Consolidated Municipal Property Tax Relief Aid, establishing the.

New Jersey A1209 repeals existing laws concerning Energy Tax Receipts Property Tax Relief Aid and Consolidated Municipal Property Tax Relief Aid. It establishes the Municipal Property Tax Relief Fund, which will receive state revenues currently deposited into the Energy Tax Relief Property Tax Relief Fund. The bill mandates that if certain net payments from specified sources to the state exceed $1.425 billion, 75 percent of the excess amount must be credited to the Municipal Property Tax Relief Aid Fund and distributed to municipalities as additional aid.

New Jersey A1209 eliminates Energy Tax Receipts Property Tax Relief Aid and Consolidated Municipal Property Tax Relief Aid, establishing the.

New Jersey A1209 repeals existing laws concerning Energy Tax Receipts Property Tax Relief Aid and Consolidated Municipal Property Tax Relief Aid. It establishes the Municipal Property Tax Relief Fund, which will receive state revenues currently deposited into the Energy Tax Relief Property Tax Relief Fund. The bill mandates that if certain net payments from specified sources to the state exceed $1.425 billion, 75 percent of the excess amount must be credited to the Municipal Property Tax Relief Aid Fund and distributed to municipalities as additional aid.