SENATE, No. 303

 

STATE OF NEW JERSEY

 

Introduced Pending Technical Review by Legislative Counsel

 

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

 

 

By Senators BENNETT and KYRILLOS

 

 

An Act concerning the realty transfer fee and the dedication of certain revenues therefrom, 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. The proceeds of the fees collected by the county recording officer, as authorized by this act, shall be accounted for and remitted to the county treasurer. An amount equal to 28.6% of the proceeds from the first $1.75 for each $500.00 of consideration or fractional part thereof recited in the deed so collected shall be retained by the county treasurer for the use of the county and the balance shall be paid to the State Treasurer for the use of the State; provided however, that on and after the tenth day following a certification by the Director of the Division of Budget and Accounting in the Department of the Treasury pursuant to subsection b. of section 2 of P.L.1992, c.148 (C.46:15-10.2), 100.0% of the proceeds from the first $0.50 for each $500.00 of consideration or fractional part thereof recited in the deed so collected shall be retained by the county treasurer for the use of the county and no amount 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. Amounts, not in excess of[$15,000,000] $18,000,000, 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 "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. All amounts paid to the State Treasurer in payment of 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 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.1992, c.148, s.4)

 

    2. This act shall take effect immediately but shall be inoperative until July 1, 1996.

 

 

STATEMENT

 

    This bill would increase the amount of realty transfer fee moneys dedicated to shore protection projects by $3 million in order to help fund State and local beach replenishment projects which are not eligible for federal shore protection funding.

    The provisions of P.L.1992, c.148 provided for the dedication of $15 million annually from the proceeds of realty transfer fees and their placement into a separate "Shore Protection Fund." This bill would increase that amount to $18 million per year for shore protection projects.

    At the beginning of State FY 1997 (July 1, 1996), all of the moneys in the "Shore Protection Fund" will be used as the State share for federal shore protection projects. By increasing the overall State commitment to $18 million, these dedicated revenues will provide for significant additional revenues for shore protection activities, as the State will receive approximately $3.00 in federal moneys for every $1.00 of State moneys expended for State or local beach and dune protection, stabilization or restoration projects.

    This bill will take effect on July 1, 1996, the date upon which all realty transfer fee moneys currently dedicated to shore protection will be redirected to federally-funded shore protection projects. The shore protection moneys provided in this bill may be used, in part, to provide Shore municipalities with emergency funds or to help cover the costs of local projects which are not eligible for federal funding.

 

 

 

Increases amount of realty transfer fee moneys dedicated to shore protection funding.