S.2113

Extends eligibility for short-term financial assistance to municipalities losing a major commercial ratable.

This bill allows municipalities experiencing financial distress due to the loss of a major commercial ratable to receive short-term financial assistance from the Transitional Aid to Localities program. A "major local business ratable" is defined as a significant property owned by a single business entity, generating over 10% of the total municipal levy or being the largest assessed valuation in the municipality. The Director of the Division of Local Government Services can allocate aid to affected municipalities, aiming to prevent property tax increases and service disruptions.