The bill amends Section 35 of P.L.2008, c.46 (C.40:55D-8.4) to clarify the imposition of fees on non-residential development construction in New Jersey. It establishes a fee of two and one-half percent based on the equalized assessed value of land and improvements for new non-residential construction or additions to existing structures. The bill outlines various exemptions from this fee, including properties used by houses of worship and educational institutions, parking lots, public amenities, and projects within designated urban transit hubs. Additionally, it specifies that developers who initially qualify for exemptions may later be subject to fees if their exemption status changes.

Furthermore, the bill mandates municipalities to provide detailed accounting of collected and expended non-residential development fees to the Department of Community Affairs, with specific deadlines for reporting. It also stipulates that the Treasurer will allocate a portion of the fees to the "Urban Housing Assistance Fund" and any excess to the "New Jersey Affordable Housing Trust Fund." The act takes effect immediately and applies retroactively to validate prior accounting provisions provided by municipalities.

Statutes affected:
Introduced: 40:55D-8.4
Advance Law: 40:55D-8.4
Pamphlet Law: 40:55D-8.4