FISCAL NOTE TO

ASSEMBLY, No. 1599

STATE OF NEW JERSEY

DATED: JULY 24, 1996

      Assembly Bill No. 1599 of 1996 requires that the New Jersey Transit Corporation (NJT) make additional in lieu of tax payments for corporation real property that comprises at least 10 acres, and that represents at least 2% of the municipal tax base if the property were subject to taxation.

      Based on information provided by NJT, the corporation only makes in lieu of tax payments on certain property it acquired in 1980. Further, according to NJT, only its property in Maplewood, Essex County meets the criteria delineated in the bill. Consequently, NJT estimates the cost of this bill at $256,000, e.g. the estimated $404,000 due as the total local purposes tax less the $148,000 currently paid to Maplewood by NJT.

      The Office of Legislative Services concurs.

This fiscal note has been prepared pursuant to P.L.1980, c.67.