This bill amends the grading of theft offenses in New Jersey, specifically lowering the monetary threshold for motor vehicle theft to be classified as a second-degree crime. Currently, a theft is considered a second-degree crime if the amount involved is $75,000 or more. However, under the new provisions, a motor vehicle valued at $25,000 or more will also be classified as a second-degree crime. This change aims to address the seriousness of motor vehicle theft and aligns the penalties with the value of the stolen vehicle.

As a result of this amendment, motor vehicle thefts valued at $25,000 or more will carry penalties of up to 10 years in prison and fines of up to $150,000. Conversely, motor vehicles valued at less than $25,000 will continue to be classified as a third-degree crime, which carries lesser penalties. The bill is set to take effect immediately upon passage, reflecting a legislative effort to enhance the legal framework surrounding motor vehicle theft in New Jersey.