This bill requires municipalities and school districts to report annually how much they pay employees for unused sick leave or vacation time upon retirement. The state will then reduce the following year's state aid - such as property tax relief funds - by that exact amount for each entity. It directly affects local governments and school districts that provide retirement benefits for accumulated absences. The policy change ensures state aid isn't used to cover these retirement payments, shifting the cost to the local entity's budget.
ACR 21 proposes a constitutional amendment requiring all state tax bills and tax increase proposals to pass both the New Jersey Assembly and Senate by a three-fifths majority vote (60% or more), instead of the current simple majority. This change would apply to both the final passage of tax bills and any amendments made to them during the legislative process. The amendment would directly affect all legislation related to new state taxes or tax increases, making it harder to pass such measures without broader bipartisan support. If approved by voters, this rule would apply to bills introduced after January 9, 2007. The bill is currently in committee and has not yet become law.
This bill terminates two fees on high-end residential real estate transactions: a "general purpose fee" and a one percent assessment. It specifically applies to purchases of residential properties selling for more than $1,000,000, removing these costs from the property transfer fee structure. The legislation amends existing laws (P.L.1968, c.49 and P.L.2004, c.66) to delete these fee provisions. It directly affects buyers and sellers of luxury homes above the $1 million threshold in New Jersey. The change simplifies the transfer fee process for these high-value transactions.
This New Jersey bill (A 3006) would allow corporations to carry back net operating losses to previous tax years, enabling them to claim refunds for taxes paid in those earlier years. It directly affects corporations subject to New Jersey's Corporation Business Tax that have incurred losses, particularly those that might otherwise see reduced tax liability or refunds. The key mechanism establishes a formal "net operating loss carryback deduction" under the state tax code, letting businesses offset prior-year tax payments with current-year losses. The bill is currently pending in the Assembly Commerce and Economic Development Committee (introduced January 13, 2026) and would change how corporations apply tax losses under state law.
ACR 127 proposes a constitutional amendment to limit annual increases in the assessed value of real property to no more than 2% of the previous year's value. This would apply to all New Jersey property owners, with exceptions for properties changing ownership or farmland switching from agricultural use to non-agricultural purposes. The amendment requires the Legislature to pass implementing laws, setting the first assessment at October 1 following voter approval, with annual increases thereafter capped at 2% for most properties. If approved by voters, this would change how property taxes are calculated for most homeowners and landowners.
This bill changes how New Jersey calculates state school aid for SDA (formerly Abbott) school districts. It requires that the value of properties exempt from local property taxes (like those under the Long Term Tax Exemption Law) be included in the district's equalized property valuation when determining state aid. This means SDA districts located in municipalities with significant tax-exempt properties will have their local wealth measured more accurately, potentially adjusting the amount of state aid they receive.
This bill eliminates inheritance taxes on property transferred to brothers or sisters of a deceased person (decedent). Previously, such transfers were taxed at rates up to 16% depending on the amount inherited. The amendment specifically removes this tax for all sibling inheritances occurring on or after January 1, 2022, by updating New Jersey's tax code (R.S.54:34-2). It directly affects siblings who inherit property from a deceased relative, making those inheritances tax-free under this provision.
This bill (A 551) reduces taxes on petroleum products (like gasoline and diesel) to the 2016 tax rates and eliminates mechanisms that previously allowed adjustments. It directly affects companies refining or distributing petroleum products in New Jersey by removing the requirement for quarterly tax rate changes based on fuel prices and repealing the State Treasurer's authority to adjust rates. The bill also eliminates a review council and a revenue cap that governed highway fuel taxes from 2018-2026. These changes simplify the tax structure by fixing rates at the 2016 level without future adjustments.
This bill proposes a constitutional amendment to limit annual state spending growth to one percent per year for six years. It requires all state budget appropriations to be specific dollar amounts (not general language) and creates a "Revenue Responsibility Fund" for revenue exceeding two percent of the estimated annual revenue. The fund must first be used to pay down the state's unfunded public employee pension liabilities, and only if those liabilities are fully covered can the fund be used for emergencies or to reduce property taxes with a two-thirds legislative vote. This directly affects state budgeting decisions and public employee pension obligations.
ACR 35 proposes a constitutional amendment requiring a two-thirds majority vote in both the New Jersey Senate and General Assembly to pass any bill or joint resolution that creates or increases state taxes, fees, surcharges, or civil penalties. Currently, such tax-related measures only need a simple majority vote to pass. If approved by voters, this change would require a supermajority for all tax-related legislation, replacing the current simple majority standard. The amendment must be submitted to voters in the next general election following legislative approval.
