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, theft is considered a second-degree crime if the amount involved is $75,000 or more. The new legislation stipulates that a motor vehicle valued at $25,000 or more will also constitute a second-degree crime, while vehicles valued at less than $25,000 will remain classified as third-degree crimes.

The implications of this change are significant, as a second-degree crime can result in penalties of up to 10 years in prison and fines of up to $150,000. This adjustment aims to address the seriousness of motor vehicle theft and enhance the legal consequences for offenders. The bill is set to take effect immediately upon passage.