New Jersey A2796 caps state use of energy tax revenues and ensures the balance is paid annually as municipal aid.

New Jersey A2796 establishes a cap on the state's use of energy tax revenues, limiting it to $403 million per year, the amount retained in fiscal year 1998. Any excess energy tax revenues must be distributed annually to municipalities to enhance property tax relief. This ensures that municipalities do not lose out on energy-sector tax collections growth, as has happened in some past years. The bill amends and repeals certain sections of P.L.1997, c.167, and mandates annual reporting by the Director of the Division of Taxation.

New Jersey A2796 caps state use of energy tax revenues and ensures the balance is paid annually as municipal aid.

New Jersey A2796 establishes a cap on the state's use of energy tax revenues, limiting it to $403 million per year, the amount retained in fiscal year 1998. Any excess energy tax revenues must be distributed annually to municipalities to enhance property tax relief. This ensures that municipalities do not lose out on energy-sector tax collections growth, as has happened in some past years. The bill amends and repeals certain sections of P.L.1997, c.167, and mandates annual reporting by the Director of the Division of Taxation.