STATE OF NEW JERSEY
222nd LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION
Sponsored by:
Senator BENJIE E. WIMBERLY
District 35 (Bergen and Passaic)
Senator VIN GOPAL
District 11 (Monmouth)
Co-Sponsored by:
Senators Singleton, Zwicker, Stack, Johnson, Cryan and Diegnan
SYNOPSIS
Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund.
CURRENT VERSION OF TEXT
As reported by the Senate Community and Urban Affairs Committee with technical review.
An Act concerning the additional fees and taxes on certain transfers of real property for over $1 million and supplementing Title 46 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding any provision of law to the contrary, the State shall annually deposit 50 percent of the total revenues collected from the additional fee imposed pursuant to section 8 of P.L.2004, c.66 (C.46:15-7.2) and the tax imposed pursuant to section 3 of P.L.2006, c.33 (C.54:15C-1) into the New Jersey Affordable Housing Trust Fund established pursuant to section 20 of P.L.1985, c.222 (C.52:27D-320).
2. This act shall take effect on the July 1 next following the date of enactment.