Limits long term tax exemptions in municipalities with school districts receiving certain State school aid.

This bill limits long-term property tax exemptions for development projects in New Jersey municipalities with school districts receiving state school aid (SDA districts). It requires developers to pay annual service charges instead of tax exemptions for school purposes, calculated as 10-15% of project revenue or 2% of project cost. These charges apply to urban renewal projects, including low/moderate-income housing, in municipalities with SDA school districts. The policy change replaces tax breaks with direct payments to municipalities for the duration of the development project (up to 35 years).