Budget & Taxes

This bill (S 2960) creates state funding preferences for New Jersey municipalities that adopt zoning changes to encourage denser residential development. It requires municipalities to review and update their master plans and development regulations to include specific housing strategies - such as allowing accessory dwelling units, reducing parking requirements, permitting multi-unit buildings in commercial zones, or increasing density near transit - before qualifying for preferential treatment. Municipalities that implement these changes will receive priority consideration for state grants and competitive financial assistance programs (like the Main Street New Jersey Program), as determined by the Department of Community Affairs. The bill applies to all municipalities that amend their regulations to increase permitted housing units, with funding preferences taking effect once the bill is enacted.

This bill establishes a regulatory framework for prediction markets in New Jersey, requiring them to operate under state oversight similar to licensed sportsbooks. It specifically prohibits public officials and campaign staff from participating in political betting markets and bans certain high-risk markets involving deaths or disasters. The legislation also mandates that operators pay a surtax on income derived from these activities, ensuring they contribute to the state like other gambling entities.

This bill modifies how New Jersey school districts calculate the tax levy limits for preschool education aid, specifically targeting districts that operate pilot programs or are newly receiving such funding. It establishes a formula that allows districts to raise taxes to cover local shares of preschool costs by accounting for increases in student enrollment, healthcare expenses, and pension contributions beyond set thresholds. The legislation also includes specific rules for districts with low tax levies and those participating in pilot programs starting in the 2027-2028 school year. Ultimately, the act updates existing state laws to provide clearer guidelines on how much local funding districts can generate to support preschool education.

This bill eliminates a transaction-based requirement for remote sellers and corporations to pay New Jersey sales/use tax and corporate business tax. Currently, sellers must collect tax if they make 200+ separate transactions in New Jersey or exceed $100,000 in revenue. The bill removes the 200-transaction threshold, meaning only the $100,000 revenue rule remains to determine tax obligations. It directly affects out-of-state online retailers and corporations operating in New Jersey without a physical presence. The change applies only to future transactions, not retroactively.