This bill amends the existing law regarding the distribution of energy tax revenues in New Jersey, specifically focusing on the "Energy Tax Receipts Property Tax Relief Fund." It establishes that the State can only retain a maximum of $403 million from energy tax revenues, which is the amount it "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 collections. The bill aims to prevent the State from disproportionately benefiting from these revenues at the expense of local municipalities.

Additionally, the bill modifies the distribution schedule for the funds allocated to municipalities, specifying that they will receive their payments in a structured manner throughout the fiscal year. The changes include a new distribution percentage for specific dates, ensuring municipalities receive their funds in a timely manner. The overall goal of the bill is to enhance property tax relief for municipalities by guaranteeing they receive a larger share of energy tax revenues, thereby addressing past practices where municipalities were shortchanged during periods of revenue growth.

Statutes affected:
Introduced: 52:27D-439, 52:27D-441, 52:27D-440