Bill Text: NJ A3373 | 2010-2011 | Regular Session | Introduced
Bill Title: Amends effective date of P.L.2010, c.44 to make provisions of law permitting cap banking retroactive to 2010 local unit and school district budgets.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2010-10-07 - Introduced, Referred to Assembly Housing and Local Government Committee [A3373 Detail]
Download: New_Jersey-2010-A3373-Introduced.html
Sponsored by:
Assemblyman JOHN J. BURZICHELLI
District 3 (Salem, Cumberland and Gloucester)
Assemblyman JOHN F. MCKEON
District 27 (Essex)
SYNOPSIS
Amends effective date of P.L.2010, c.44 to make provisions of law permitting cap banking effective to 2010 local unit and school district budgets.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the local property tax levy cap and amending P.L.2010, c.44
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 13 of P.L.2010, c.44 is amended to read as follows:
13. This act shall take effect immediately and shall be applicable to the next local budget year following enactment, except that paragraph (2) of subsection a. of section 10 of P.L.2007, c.62 (C.40A:4-45.45), concerning cap banking, shall first be applicable to the fiscal year ending on June 30, 2010 in the case of municipalities operating on the State Fiscal Year or December 31, 2010 in the case of municipalities operating under a calendar fiscal year and subsection e. of section 4 of P.L.2007, c.62 (C.18A:7F-39) shall first be applicable to the school budget year ending on June 30, 2010.
(cf: P.L.2010, c.44, s.13)
2. This act shall take effect immediately.
STATEMENT
This bill amends the effective date of P.L.2010, c.44 to make the sections of law permitting cap "banking" retroactive to either fiscal year ending either June 30, 2010 (for school districts and municipalities operating on the State Fiscal Year) or December 31, 2010 for all other local units. Cap "banking" permits a county, municipality, school district, or other local unit to save any portion of the permitted 2.0% increase under the levy cap that is not used in any budget year for use in any of the next three succeeding budget years (in the case of a school district, it permits the banking of any portion of the permitted 2.0% increase and the applicable adjustments not used in any budget year for use in any of the next three succeeding budget years).
