This bill proposes to increase the amounts of payments in lieu of taxes (PILOTs) made by the State for lands owned by the State or nonprofit organizations that are preserved for recreation and conservation purposes. The current law stipulates specific payment amounts based on the percentage of open space lands within a municipality, with payments starting at $2 per acre for municipalities with less than 20% open space and going up to $20 per acre for those with 60% or more. The bill amends this structure by raising the per-acre payments to $3, $7.50, $15, and $40, respectively, for the same categories.

Additionally, the bill modifies the payment structure in both sections of the existing law, ensuring that municipalities receive increased compensation for the loss of tax revenue due to the acquisition of open space lands. The new payment amounts will take effect immediately upon the bill's enactment, thereby enhancing financial support for municipalities that host significant areas of preserved land.

Statutes affected:
Introduced: 13:8C-29, 13:8C-30