Bill Text: NJ ACR207 | 2018-2019 | Regular Session | Introduced

New Jersey Assembly Concurrent Resolution 207 (Prior Session Legislation)

Introduced

Bill Title: Proposes constitutional amendment to dedicate tax revenue from sale of recreational marijuana for property tax relief.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2018-12-06 - Introduced, Referred to Assembly Appropriations Committee [ACR207 Detail]

Download: New_Jersey-2018-ACR207-Introduced.html

ASSEMBLY CONCURRENT RESOLUTION No. 207

STATE OF NEW JERSEY

218th LEGISLATURE

INTRODUCED DECEMBER 6, 2018

Sponsored by:

Assemblyman ERIK PETERSON

District 23 (Hunterdon, Somerset and Warren)

SYNOPSIS

Proposes constitutional amendment to dedicate tax revenue from sale of recreational marijuana for property tax relief.

CURRENT VERSION OF TEXT

As introduced.

A Concurrent Resolution proposing to amend Article VIII, Section II of the New Jersey Constitution by adding a new paragraph.

Be It Resolved by the General Assembly of the State of New Jersey (the Senate concurring):

1. The following proposed amendment to the Constitution of the State of New Jersey is agreed to:

PROPOSED AMENDMENT

Amend Article VIII, Section II by adding a new paragraph 8 to read as follows:

8. There shall be created in the perpetual Property Tax Relief Fund established pursuant to this paragraph a special account designated the Recreational Marijuana Sales Tax Account.

There shall be annually credited from the General Fund and placed in that account an amount equal to the annual revenue derived from a tax imposed on the sale of recreational marijuana under the "Sales and Use Tax Act," P.L.1966, c.30 (C.54:32B-1 et seq.), or any other subsequent law of similar effect.

That amount shall be appropriated annually by the Legislature exclusively for the purpose of property tax relief, in the form of a property tax credit, to any person who owns and occupies a home in this State as their principal residence, and who pays property taxes annually. The amount of the credit shall be the same for all homeowners who meet these requirements.

2. When this proposed amendment to the Constitution is finally agreed to pursuant to Article IX, paragraph 1 of the Constitution, it shall be submitted to the people at the next general election occurring more than three months after the final agreement and shall be published at least once in at least one newspaper of each county designated by the President of the Senate, the Speaker of the General Assembly and the Secretary of State, not less than three months prior to the general election.

3. This proposed amendment to the Constitution shall be submitted to the people at that election in the following manner and form:

There shall be printed on each official ballot to be used at the general election, the following:

a. In every municipality in which voting machines are not used, a legend which shall immediately precede the question as follows:

If you favor the proposition printed below make a cross (X), plus (+), or check (a) in the square opposite the word "Yes." If you are opposed thereto make a cross (X), plus (+) or check (a) in the square opposite the word "No."

b. In every municipality the following question:

		CONSTITUTIONAL AMENDMENT REQUIRING SALES TAX IMPOSED ON PURCHASE OF RECREATIONAL MARIJUANA TO BE USED FOR PROPERTY TAX RELIEF FOR HOMES USED AS A PRIMARY RESIDENCE
	YES	Do you approve amending the Constitution to use sales tax raised from the sale of recreational marijuana to lower property taxes on certain homes? The sales tax collected would fund property tax credits for homes used as a primary residence
		INTERPRETIVE STATEMENT
	NO	This proposed constitutional amendment would create a special account in the Property Tax Relief Fund, called the Recreational Marijuana Sales Tax Account. All sales tax money paid by people buying recreational marijuana would be placed in that fund. The money could only be used for property tax relief. The property tax relief would be in the form of a property tax credit. The credit would be given to people who own and live in a home as their primary residence. The homeowners must pay property taxes on their home. The amount of the credit would be the same for all homeowners who meet these requirements

STATEMENT

If approved by the voters of the State, this proposed amendment to the New Jersey Constitution would require that sales tax revenue collected on the sale of recreational marijuana must be annually credited from the General Fund and placed in a special, newly created account, designated the Recreational Marijuana Sales Tax Account, in the Property Tax Relief Fund, and appropriated annually by the Legislature exclusively for the purpose of providing property tax relief, in the form of property tax credits, to New Jersey residents who own and occupy a home in this State as their principal residence, and who pay property taxes annually. The amount of the credit would be the same for all homeowners who meet these requirements.