SENATE COMMUNITY AND URBAN AFFAIRS COMMITTEE

STATEMENT TO

SENATE, No. 3103

STATE OF NEW JERSEY

DATED:  JUNE 1, 2026

      The Senate Community and Urban Affairs Committee reports favorably Senate Bill No. 3103.

      As reported, this bill dedicates 50 percent of the revenues generated from the additional taxes and fees imposed on certain transfers of real property for over $1 million to the New Jersey Affordable Housing Trust Fund.  The bill specifies that 50 percent of the revenues from the graduated percent fee and the controlling interest transfer tax would be annually deposited into the “New Jersey Affordable Housing Trust Fund” to support appropriations for affordable housing purposes instead of into the General Fund.

      This bill was prefiled for introduction in the 2026-2027 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.