New Jersey S1926 caps the state's use of energy tax revenues and ensures the remaining balance is paid annually to municipalities for property tax.

New Jersey S1926 amends existing law to limit the amount of annual energy tax revenues that the state can retain as general revenue to $403 million, the amount the state budget "skimmed" in fiscal year 1998. The remaining balance of the energy tax revenues must be paid out annually to municipalities to provide enhanced property tax relief. This bill ensures that municipalities are not shortchanged when energy-sector tax collections grow, as has happened in some years past. The funds are distributed to municipalities on a specific schedule, with the largest portion due in August.

New Jersey S1926 caps the state's use of energy tax revenues and ensures the remaining balance is paid annually to municipalities for property tax.

New Jersey S1926 amends existing law to limit the amount of annual energy tax revenues that the state can retain as general revenue to $403 million, the amount the state budget "skimmed" in fiscal year 1998. The remaining balance of the energy tax revenues must be paid out annually to municipalities to provide enhanced property tax relief. This bill ensures that municipalities are not shortchanged when energy-sector tax collections grow, as has happened in some years past. The funds are distributed to municipalities on a specific schedule, with the largest portion due in August.