Requires municipal tax collectors who obtain payments in lieu of taxes under "Long Term Tax Exemption Law" to share portion of that revenue with school district or districts.

This bill requires municipal tax collectors in New Jersey to share a portion of revenue collected from "payments in lieu of taxes" with local school districts. It directly affects municipalities that collect these payments under the Long Term Tax Exemption Law and the school districts that currently receive no share of this specific revenue. The legislation amends existing state statutes to define how gross revenue and net profit are calculated for urban renewal entities, ensuring that a defined percentage of the resulting income is distributed to schools. By clarifying the financial reporting requirements for these entities, the bill establishes a new mechanism for funding education through a specific stream of municipal tax revenue.