This bill amends the grading of theft offenses in New Jersey, specifically lowering the monetary threshold for motor vehicle theft to classify it as a second-degree crime. Currently, theft of a motor vehicle is considered a third-degree crime, which carries a penalty of 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 will be classified as a second-degree crime, which is punishable by up to 10 years in prison and a fine of up to $150,000. Meanwhile, motor vehicles valued at less than $25,000 will continue to be classified as third-degree crimes.

The bill introduces specific legal language to reflect these 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 adjustment aims to enhance penalties for motor vehicle theft, aligning them with the seriousness of the crime based on the value of the vehicle involved. The act is set to take effect immediately upon passage.