This bill expands the qualifications for municipalities to receive Consolidated Municipal Property Tax Relief Aid (CMPTRA) by allowing certain cities to qualify based on specific criteria. It stipulates that a city of the third or fourth class located in a sixth-class county will be designated as a qualifying municipality if it has either the highest effective property tax rate in the county or ranks within the top three percent of the most distressed municipalities in the state, as determined by the Department of Community Affairs' Municipal Revitalization Index.

The bill aims to provide financial relief to municipalities that are facing significant economic challenges. Specifically, it enables the City of Wildwood and the Borough of Woodbine, both situated in Cape May County, to qualify for CMPTRA under these new criteria. The act is set to take effect immediately upon passage.