Requires municipal tax collectors who obtain payments in lieu of taxes under "Long Term Tax Exemption Law" to transmit county portion directly to county.

This bill amends New Jersey's Long Term Tax Exemption Law to require municipal tax collectors who receive payments in lieu of taxes from urban renewal projects to directly transmit 5% of those payments to counties on specific dates (February 1, May 1, August 1, and November 1), with the remittance due on the 15th of each month when tax installments are paid. Municipalities that fail to make these payments on time must pay 1% monthly interest on the unpaid balance, plus legal fees and court costs. The bill affects municipal tax collectors, counties receiving the funds, and urban renewal entities that make these payments. This change ensures more timely and direct county receipt of the 5% remittance required by the law.