This bill aims to prohibit properties that have previously received benefits under the Grow New Jersey Assistance Act and the New Jersey Economic Stimulus Act from obtaining property tax exemptions or abatements. Specifically, it states that such properties will not be eligible for exemptions under the Long Term Tax Exemption Law or the Five-Year Exemption and Abatement Law.

The rationale behind this legislation is that these properties have already benefited from public funding to enhance their value, and therefore, municipalities should not provide further tax benefits. The bill is set to take effect immediately upon enactment.