Bill Text: NJ A3984 | 2014-2015 | Regular Session | Introduced
Bill Title: Reallocates casino investment alternative tax to Atlantic City to pay debt service on municipal bonds issued.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Enrolled - Dead) 2016-01-17 - Cond. Veto, Passed Both House, No Action Taken By Governor [A3984 Detail]
Download: New_Jersey-2014-A3984-Introduced.html
Sponsored by:
Assemblyman VINCENT MAZZEO
District 2 (Atlantic)
Assemblyman JOHN J. BURZICHELLI
District 3 (Cumberland, Gloucester and Salem)
SYNOPSIS
Reallocates casino investment alternative tax to Atlantic City to pay debt service on municipal bonds issued.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the allocation of the casino investment alternative tax and supplementing P.L.1977, c.110 (C.5:12-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding the provisions of section 3 of P.L. 1984, c.218 (C.5:12-144.1) or any other law to the contrary, including subsection k. of section 5 of P.L.2011, c.18 (C.5:12-219), the moneys received by the State Treasurer derived from the payment of the investment alternative tax in the amount specified in paragraph (2) of subsection a. of section 3 of P.L.1984, c.218 (C.5:12-144.1) and the investment alternative in the amount as specified in section 17 of P.L.2013, c.27 (C.5:12-95.19), except for any amount thereof pledged for payment of bonds issued by the Casino Reinvestment Development Authority or otherwise contractually obligated by the authority prior to the effective date of this act, shall be allocated to the city of Atlantic City for the purposes of paying debt service on bonds issued by Atlantic City prior to the effective date of this act.
2. This act shall take effect immediately and expire 15 years thereafter.