This bill amends New Jersey's existing law on relocation assistance for displaced persons and businesses by increasing payment amounts in accordance with the Consumer Price Index (CPI). Key changes include the removal of outdated references to the original act and the introduction of new payment structures. Specifically, the moving expense allowance will increase from $450 to $1,350 over five years, while the dislocation allowance will rise from $300 to $900 during the same period. Additionally, fixed payments for displaced businesses will start at $3,750 and can increase up to $15,000, also following a similar incremental increase.

Moreover, the bill mandates that all payment amounts outlined in sections 4 through 6 will be automatically adjusted annually based on the CPI starting from the 60th month after the bill's enactment. This provision ensures that the financial assistance remains relevant and adequate in light of inflation. The adjustments will apply to various types of payments, including those for moving expenses, dislocation allowances, and additional payments for displaced persons purchasing replacement dwellings. Overall, the bill aims to enhance the financial support available to individuals and businesses affected by property acquisitions for public use.

Statutes affected:
Introduced: 20:4-4, 20:4-5, 20:4-6