This bill imposes a 50 percent tax on the gross receipts from the operation of private carceral facilities in New Jersey, effective January 1, 2027. Taxpayers, defined as individuals or business entities operating these facilities, must file an annual return detailing their gross receipts and remit the tax owed. The bill outlines the definitions of "gross receipts," "private carceral facility," "public entity," and "taxpayer," ensuring clarity on the entities subject to this tax. Additionally, penalties and interest will apply for late filings or payments, as governed by the State Uniform Tax Procedure Law.

Furthermore, the bill establishes the "Immigrant Protection Fund," a nonlapsing, revolving fund administered by the Department of the Treasury. All revenues collected from the tax will be deposited into this fund, which is designated for the exclusive purpose of supporting immigration-related services in the state. The Department of the Treasury is also granted the authority to adopt necessary regulations to implement the bill's provisions, bypassing certain procedural requirements for an initial period of 180 days.