This bill amends the existing law regarding the distribution of energy tax revenues in New Jersey, specifically establishing the "Energy Tax Receipts Property Tax Relief Fund" as a dedicated fund in the State Treasury. The bill stipulates that the total annual revenue credited to this fund will include net payments from various taxes related to energy and utility services, while limiting the amount that the State can retain as general revenue to $403 million, the amount "skimmed" in fiscal year 1998. Any additional revenue collected beyond this amount must be distributed to municipalities, ensuring that they receive a fair share of the growing energy tax revenues.

Furthermore, the bill modifies the distribution schedule for the funds allocated to municipalities, specifying the percentages to be paid out on designated dates throughout the fiscal year. It also repeals a previous section of the law that may have allowed for more flexible allocations, thereby reinforcing the commitment to provide municipalities with a consistent and equitable share of energy tax revenues. Overall, the bill aims to enhance property tax relief for municipalities and prevent the State from disproportionately benefiting from energy tax collections at the expense of local governments.

Statutes affected:
Introduced: 52:27D-439, 52:27D-441