Amends Constitution to require Energy Tax Receipts Property Tax Relief Act aid and Consolidated Municipal Property Tax Relief Aid programs be fully funded each year, with dedicated amounts distributed to municipalities.

ACR 40 is a proposed constitutional amendment requiring New Jersey to fully fund two property tax relief programs for municipalities each year. It mandates that the state distribute the full amount of Energy Tax Relief Aid (based on the 2018 distribution level adjusted annually for inflation) and Consolidated Municipal Property Tax Relief Aid (based on the 2009 distribution level adjusted annually for inflation). This would prevent the state from diverting these funds to other state programs, as occurred in some past years when distributions fell short. The amendment would take effect starting July 1, 2019, for the state fiscal year beginning that date.