Senator THOMAS H. KEAN, JR.
District 21 (Morris, Somerset and Union)
Senator BOB ANDRZEJCZAK
District 1 (Atlantic, Cape May and Cumberland)
Senators Van Drew, Greenstein, Brown, Gopal, Diegnan and O'Scanlon
Increases amount annually credited to Shore Protection Fund to $50 million.
CURRENT VERSION OF TEXT
An Act increasing the annual amount deposited in the Shore Protection Fund from the realty transfer fee and amending P.L.1968, c.49.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 4 of P.L.1968, c.49 (C.46:15-8) is amended to read as follows:
4. a. The proceeds of the fees collected by the county recording officer, as authorized by P.L.1968, c.49 (C.46:15-5 et seq.), shall be accounted for and remitted to the county treasurer.
b. (1) The county portion of the basic fee collected pursuant to paragraph (1) of subsection a. of section 3 of P.L.1968, c.49 (C.46:15-7) shall be retained by the county treasurer for the use of the county.
(2) The State portion of the basic fee, the additional fee, and the general purpose fee shall be paid to the State Treasurer for the use of the State. Payments shall be made to the State Treasurer on the tenth day of each month following the month of collection.
c. (1) Amounts, not in excess of [$25,000,000] $50,000,000, paid during the State fiscal year to the State Treasurer from the payment of the State portion of the basic fee shall be credited to the "Shore Protection Fund" created pursuant to section 1 of P.L.1992, c.148 (C.13:19-16.1), in the manner established under that section.
(2) In addition to the amounts credited to the "Shore Protection Fund" pursuant to paragraph (1) of this subsection, amounts equal to $12,000,000 in each of the first 10 years after the date of enactment of the "Highlands Water Protection and Planning Act," P.L.2004, c.120 (C.13:20-1 et al.) and to $5,000,000 in each year thereafter, paid during the State fiscal year to the State Treasurer from the payment of fees collected by the county recording officer other than the additional fee of $0.75 for each $500.00 of consideration or fractional part thereof recited in the deed in excess of $150,000.00 shall be credited to the "Highlands Protection Fund" created pursuant to section 21 of P.L.2004, c.120 (C.13:20-19), in the manner established under that section. No monies shall be credited to the "Highlands Protection Fund" pursuant to this paragraph until and unless the full amount of [$25,000,000] $50,000,000 has first been credited to the "Shore Protection Fund" pursuant to paragraph (1) of this subsection.
d. All amounts paid to the State Treasurer from the payment of the additional fee shall be credited to the Neighborhood Preservation Nonlapsing Revolving Fund established pursuant to P.L.1985, c.222 (C.52:27D-301 et al.), in the manner established
under section 20 thereof (C.52:27D-320).
(cf: P.L.2004, c.120, s.61)
2. This act shall take effect immediately and shall apply only to State fiscal years beginning after the enactment of this act.
This bill increases from $25 million to $50 million the amount that is annually credited to the Shore Protection Fund from the collection of realty transfer fees.
The realty transfer fee is imposed on the recording of deeds transferring real property and is calculated on the basis of the amount paid in the deed. The basic rate is $1.75 for each $500 of consideration, of which $0.50 is retained by the county and $1.25 is the State share. Currently, the first $25 million of the State share collected annually is credited to the Shore Protection Fund.