This bill amends the grading of motor vehicle theft offenses in New Jersey by lowering the monetary threshold for such thefts to be classified as a second-degree crime. Currently, theft of a motor vehicle is considered a third-degree crime, which is punishable by up to five years in prison and a fine of up to $15,000. Under the new provisions, theft of a motor vehicle valued at $25,000 or more would be classified as a second-degree crime, carrying a more severe penalty of up to 10 years in prison and a fine of up to $150,000. Meanwhile, theft of a motor vehicle valued at less than $25,000 would continue to be classified as a third-degree crime.

The bill also includes specific legal language changes, stating that theft constitutes a crime of the second degree if the property stolen is a motor vehicle valued at $25,000 or more, while theft of a motor vehicle valued at less than $25,000 remains a crime of the third degree. This change aims to enhance penalties for motor vehicle theft, reflecting the seriousness of such offenses and potentially deterring future thefts. The act is set to take effect immediately upon passage.