LEGISLATIVE FISCAL ESTIMATE

[First Reprint]

SENATE, No. 3215

STATE OF NEW JERSEY

222nd LEGISLATURE

 

DATED: MARCH 9, 2026

 

 

SUMMARY

 

Synopsis:

Establishes “New Jersey Veterans Assistance Trust.”

Type of Impact:

Annual State expenditure increase; potential annual State revenue increase.

Agencies Affected:

Department of Veterans Affairs.

 

 

Office of Legislative Services Estimate

Fiscal Impact

 

Annual 

 

 

State Expenditure Increase

 

Indeterminate

 

 

Potential State Revenue Increase

 

Indeterminate

 

 

 

·         The Office of Legislative Services (OLS) concludes that the Department of Veterans Affairs will experience indeterminate annual expenditure increases due to the establishment and administration of the New Jersey Veterans Assistance Trust.  The actual expenditure increase will depend on the number of loans and grants issued by the trust to veterans, families of veterans, and public or private programs, as well as the number and complexity of projects undertaken by the trust.

·         The Department of Veterans Affairs may also experience annual revenue increases if the board of the New Jersey Veterans Assistance Trust elects to invest all or part of the monies held in the reserve, or if the trust receives donations.

 

 

BILL DESCRIPTION

 

      This bill establishes the New Jersey Veterans Assistance Trust in, but not of, the Department of Veterans Affairs.  The purpose of the trust is to provide monetary and other assistance, as necessary, to veterans, families of veterans, and public and private programs that support veterans and their families.

      The bill provides that the trust will be administered by a board of trustees, which has the power to solicit and accept any gift, grant, legacy, or endowment; make grants or loans to veterans, families of veterans, and public or private programs that support veterans and their families; develop projects for sponsorship by corporate organizations or private individuals; execute or enter into contracts; acquire, hold, improve, or convey property; sue or be sued; and take any other action as may be necessary to carry out the purposes of the trust.  The bill also grants the board the power to invest all or a part of the monies held in reserve into certain types of investments.

      The bill also requires the trust to submit an annual report to the Governor and the Legislature by February 1 of each year.  The report is required to include the trust’s activities, gifts and grants received, administrative costs, accounting, the opening and closing balance of any funds held in reserve or invested for future use in the preceding calendar year, and any recommendations or requests to further the purposes of the trust as necessary.

 

 

FISCAL ANALYSIS

 

EXECUTIVE BRANCH

 

      None received.

 

OFFICE OF LEGISLATIVE SERVICES

 

      The OLS estimates that the Department of Veterans Affairs will experience indeterminate annual expenditure increases due to the establishment and administration of the New Jersey Veterans Assistance Trust.  The actual expenditure increase will depend on the number of loans and grants issued by the trust to veterans, families of veterans, and public or private programs, as well as the number and complexity of projects undertaken by the trust.

      The Department of Veterans Affairs may also experience annual revenue increases if the board of the New Jersey Veterans Assistance Trust elects to invest all or part of the monies held in the reserve, or if the trust receives donations.

 

 

Section:

State Government

Analyst:

Camryn Mathews

Associate Fiscal Analyst

Approved:

Thomas Koenig

Legislative Budget and Finance Officer

 

 

This legislative fiscal estimate has been produced by the Office of Legislative Services due to the failure of the Executive Branch to respond to our request for a fiscal note.

 

This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).