N.J.S.A. 54:4-8.75p — Review, Legislature, Governor, Stay NJ Task Force, recommendations.

54:4-8.75p Review, Legislature, Governor, Stay NJ Task Force, recommendations. 19. After the Legislature and the Governor review the Stay NJ Task Force's recommendations and determine such recommendations are appropriate, the Legislature shall consider and approve, and the Governor shall enact, the legislation recommended by the Stay NJ Task Force, or legislation substantially similar to the legislation recommended by the task force, regarding the objectives set forth in section 18 of P.L.2023, c.75 (C.54:4-8.75o) not later than 90 days prior to February 1, 2025, the date by which the State Treasurer shall be required to produce the application for the Stay NJ program in 2025 pursuant to section 4 of P.L.2023, c.75 (C.54:4-8.75d). If legislation is enacted after the 90th day preceding February 1, 2025, then promulgation of a combined single application form shall be required no earlier than the 91st day next following the enactment of such legislation and the implementation of the Stay NJ property tax credit program shall begin no earlier than the first tax year quarter beginning no less than six months following the promulgation of the combined single application form. L.2023, c.75, s.19; amended 2024, c.88, s.10. 54:4-8.75p1 Information collection, property tax credit implementation. 11. a. After the effective date of P.L.2024, c.88 (C.54:4-8.75p1 et al.), the Director of the Division of Taxation in the Department of the Treasury, in consultation with the Director of the Division of Local Government Services in the Department of Community Affairs and local officials, shall develop a process to implement a property tax credit for the payment of benefits under the homestead property tax reimbursement program and the Stay NJ property tax credit program. As a part of that process, the Director of the Division of Taxation shall collect information from local officials regarding how to effectively implement property tax credits in future years for those programs. The collection of such information may include, but shall not be limited to, the administration of a standardized survey data collection instrument. b. Notwithstanding the provisions of subsection a. of this section regarding the development of a process for implementing property tax credits, the Director of the Division of Taxation shall also determine the feasibility of allowing eligible claimants for homestead property tax reimbursement and Stay NJ property tax credits to choose to continue to receive annual checks or direct deposits into a bank account instead of a property tax credit. L.2024, c.88, s.11. 54:4-8.75p2 Authorization of administrative action, Stay NJ program, homestead property tax reimbursement program, ANCHOR Property Tax Relief Program. 19. The Director of the Division of Taxation in the Department of the Treasury is authorized to take any administrative action with respect to the Stay NJ program, P.L.2023, c.75 (C.54:4-8.75a et al.), the homestead property tax reimbursement program, P.L.1997, c.348 (C.54:4-8.67 et seq.), or the ANCHOR Property Tax Relief Program that may be necessary to implement the provisions of P.L.2024, c.88 (C.54:4-8.75p1 et al.). L.2024, c.88, s.19.

This is the verbatim text of N.J.S.A. 54:4-8.75p, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.