This bill formally approves the Fiscal Year 2027 financial plan for the New Jersey Infrastructure Bank. The resolution authorizes the bank to proceed with funding loans and debt guarantees for eligible environmental projects, including clean water, drinking water, and stormwater management initiatives. By passing this measure, the Legislature ratifies the bank's budgetary strategy for the upcoming fiscal year as required by state law. The document does not alter the bank's operations but rather provides the necessary legislative consent for its planned financial activities.
This New Jersey bill allows homeowners to deduct up to $45,000 from their gross income for costs associated with removing hazardous contaminants from their residential properties. The measure specifically covers expenses related to lead and asbestos abatement, replacing lead pipes and windows, and treating private well water contaminated with sodium or chloride. To claim the deduction, taxpayers must provide affidavits from their local municipality confirming that the work was performed by certified contractors. The provision applies to all income levels and includes a retroactive option for expenses incurred between January 1, 2018, and the bill's enactment, with the tax benefit set to expire on December 31, 2027.
This bill authorizes New Jersey's Secretary of Agriculture to declare an agricultural emergency for up to six months if events like rising fertilizer costs impact farming. During such an emergency, the state would temporarily suspend sales taxes on the retail purchase of fertilizer to help reduce costs for farmers and gardeners. The Secretary has the power to set the specific criteria for declaring an emergency, limit the relief to certain areas of the state, and end the emergency when conditions improve. Additionally, the bill allows tax officials to create necessary rules quickly to implement this tax break while staying compliant with federal agreements.
This bill allocates state funds to the Department of Environmental Protection to support environmental infrastructure projects during fiscal year 2027. The money will be used to provide zero-interest or principal forgiveness loans to help finance clean water and drinking water initiatives. Additionally, the legislation authorizes the department to transfer money between different state revolving funds to ensure there is enough capital for these projects. Ultimately, the act aims to expand funding availability for essential water systems without changing the underlying loan terms.
This bill establishes maximum THC potency limits for cannabis products and introduces an excise tax on moderate and high potency items in New Jersey. It directly affects cannabis businesses by requiring them to adhere to these new potency standards and pay the additional tax. The legislation also mandates that the state commission create rules to enforce these limits and collect the tax.
This bill requires nonpublic secondary schools, independent colleges, and the State of New Jersey to pay public school districts for the education costs of students living on their tax-exempt property. The payment obligation begins only after a local school district's governing body passes a resolution requesting it. Once activated, the bill mandates that these institutions calculate and send an annual payment by November 1, based on the per-pupil tax levy amount for each student residing in their facilities. This change aims to ensure that public school districts receive funding for students who live on private or state-owned land that is exempt from local property taxes.
This bill allows businesses in New Jersey to receive tax credits if they hire adults who have been released from incarceration for nonviolent crimes. The credits apply to both corporation business taxes and gross income taxes, offering a benefit equal to 15 percent of wages paid to each eligible employee, up to a maximum of $900 per person. To qualify, the offenders must not have committed violent acts or specific serious offenses, and the tax savings are limited to 50 percent of the total tax owed for the year. Any unused portion of the credit can be carried forward for up to seven years, and the law applies to wages paid after the bill is enacted.
This bill prevents the state from applying a six percent growth limit to school funding for the 2026-2027 school year. It directly affects school districts by ensuring they receive their full calculated aid for equalization, transportation, special education, and security categories without reduction. To fund this change, the legislation appropriates $332.6 million from the Property Tax Relief Fund to the Department of Education. The act takes effect immediately and overrides any existing rules that would have restricted these aid increases.
This bill creates the New Jersey Student Emergency Aid Program to provide one-time financial grants to undergraduate students at public colleges and universities facing unexpected crises. The program covers essential living expenses such as food, housing, and childcare, but explicitly excludes payment for tuition, fees, or student loans. A new revolving fund will be established to manage these grants, initially seeded with $1.5 million from the state's general fund. The Higher Education Student Assistance Authority will set specific rules for eligibility and distribution, while colleges must report annually on how the aid is used and its impact on student retention.
This bill allocates up to $50 million from the Property Tax Relief Fund to help school districts cover tax increases caused by rising health care costs. To qualify, a district must have seen its adjusted tax levy rise by more than 9.9 percent between the 2024-2025 and 2026-2027 school years. The specific amount each eligible district receives is calculated based on its proportional share of the statewide increase in health care expenses. This measure aims to offset the financial burden on taxpayers resulting from a significant allowable adjustment to property taxes for health care purposes.
