Budget & Taxes in New Jersey

in committee · New Jersey · General Assembly Jan 13, 2026

A 2852: Eliminates tiered fee structure for fees and taxes imposed on property transfers valued over $1 million.

This bill would replace New Jersey's current tiered fee structure for property transfers over $1 million with a flat 1% fee on the entire sale price. Currently, fees range from 1% to 3.5% based on property value (e.g., 1% for $1 million-$2 million, 2% for $2 million-$2.5 million, and higher rates for more expensive properties). The change would reduce fees for properties valued above $2 million while leaving the 1% fee unchanged for properties between $1 million and $2 million. It directly affects sellers and buyers in real estate transactions exceeding $1 million.

Topics ✗ Budget & Taxes

in committee · New Jersey · General Assembly Jan 13, 2026

AR 14: Opposes New York's congestion pricing plan.

New Jersey's Assembly Resolution AR 14 formally opposes New York City's congestion pricing plan, which would charge drivers $9 to enter Manhattan south of 60th Street starting January 5, 2025, with tolls rising to $12 by 2028 and $15 by 2031. The resolution states that New Jersey residents would be directly affected by these tolls without having any input or decision-making power over the plan. It expresses opposition to the policy and directs copies to New York officials, the Federal Highway Administration, and New Jersey lawmakers.

Topics ✗ Budget & Taxes ✗ Environment ✗ Transportation

Sub-Topics Roads & Highways

in committee · New Jersey · General Assembly Feb 19, 2026

A 4384: Directs State Treasurer to debit from State operating aid allocated to public research university amount equal to costs incurred by institution in implementing agreements reached with certain student protestors.

This bill requires the State Treasurer to withhold state operating funds from New Jersey's public research universities to cover costs incurred by institutions in implementing agreements made with student protestors during the Israel-Hamas conflict protests (starting October 7, 2023). It specifically targets expenses like accepting displaced Gazan students, creating cultural centers, forming partnerships with Birzeit University, hiring specialists in Palestine/Middle East studies, establishing new academic programs, displaying certain flags, and granting amnesty to participants in anti-Semitic protests. The bill mandates that these costs be deducted directly from the universities' state aid allocations. It was introduced as a response to agreements reached at Rutgers University following campus protests, aiming to prevent taxpayer funding of these specific protest-related initiatives.

Topics ✗ Budget & Taxes ✗ Education

Sub-Topics Higher Education

in committee · New Jersey · General Assembly Jan 13, 2026

A 916: Increases threshold for imposition of certain fees and taxes on certain real property transfers from $1 million to $1.5 million, subject to annual adjustment based on Consumer Price Index.

This bill raises the threshold for a 1% fee on commercial real estate transfers from $1 million to $1.5 million, with annual adjustments based on the Consumer Price Index. It directly affects commercial property sellers and buyers in New Jersey whose transfer value exceeds $1.5 million (adjusted yearly for inflation). The fee applies only to Class 4A "commercial properties" transferred for consideration above the new threshold, collected by county recording offices. The change simplifies the fee structure for most commercial transactions while ensuring the threshold keeps pace with inflation.

Topics ✗ Budget & Taxes

in committee · New Jersey · General Assembly Jan 13, 2026

A 1624: Prohibits institution of higher education which boycotts or divests from Israel-supporting or Israeli businesses from receiving State funds.

This bill prohibits New Jersey public and private institutions of higher education from receiving state funding if they boycott or divest from Israel-supporting businesses or Israeli entities. Specifically, it blocks state operating aid, student scholarships, and certain bonds if an institution boycotts Israeli goods, boycotts companies doing business with Israel, divests due to a company's support for Israel, or supports the BDS movement. Exceptions apply for divestment due to "prudent economic reasons." The law directly affects all higher education institutions in New Jersey, including their endowment funds and departments. It takes effect immediately upon passage.

Topics ✗ Budget & Taxes ✗ Education

in committee · New Jersey · General Assembly Feb 19, 2026

A 4183: Exempts specialty heart hospital from 0.53 percent hospital assessment under certain circumstances.

This bill exempts specialty heart hospitals from paying a 0.53% assessment on their total operating revenue, provided they certify to the Department of Health and Banking and Insurance that they waive direct billing for patient services. The exemption applies specifically to hospitals certified as specialty heart facilities under New Jersey law. Funds collected from the assessment otherwise support the Health Care Subsidy Fund, which finances federally qualified health centers, charity care programs, and other state health initiatives. The policy change directly affects specialty heart hospitals seeking relief from this mandatory payment.

Topics ✗ Budget & Taxes ✗ Healthcare

Sub-Topics Hospitals

in committee · New Jersey · General Assembly Jan 13, 2026

A 2752: Prohibits homestead property tax rebates and credits and ANCHOR property tax benefits from being paid to property owners who move out of State.

This bill (A 2752) requires New Jersey residents to maintain state residency during *both* the tax year for which property taxes were paid *and* the calendar year when a homestead property tax rebate or ANCHOR benefit is issued. Currently, residents who move out of state after paying taxes in a given year can still receive rebates for that year. The bill prohibits payments to anyone who is not a New Jersey resident in the year the rebate is disbursed, affecting individuals who relocate out of state after the tax year but before receiving their benefit. It applies to all homestead rebates under the "Homestead Property Tax Credit Act" and the ANCHOR Property Tax Relief Program.

Topics ✗ Budget & Taxes

Sub-Topics Property Tax Tax Credits

in committee · New Jersey · General Assembly Jan 13, 2026

A 341: Removes requirement that all boards of education be members of NJSBA.

This bill (A 341) removes the requirement that all school district boards of education in New Jersey must be members of the New Jersey School Boards Association (NJSBA). It changes state law to make NJSBA membership optional, meaning school boards no longer have to pay dues, select a delegate to the association, or maintain membership. The key provision eliminates mandatory membership and associated financial obligations, allowing boards to choose whether to join or leave NJSBA at any time. This directly affects every school district board of education across New Jersey.

Topics ✗ Budget & Taxes

in committee · New Jersey · Senate Feb 5, 2026

S 3309: Eliminates tiered fee structure for fees and taxes imposed on property transfers valued over $1 million.

This bill eliminates the current tiered fee structure for property transfer taxes on real estate valued over $1 million in New Jersey. Instead of charging increasing percentages (1% to 3.5%) based on property value ranges, it establishes a flat 1% fee on all transfers exceeding $1 million. The change directly affects sellers (grantees) of high-value residential, commercial, or farm properties over $1 million, while maintaining existing exemptions for nonprofits, corporate mergers, and intercompany transfers. The fee would be collected by county recording offices and remitted to the state general fund.

Topics ✗ Budget & Taxes

Sub-Topics State Budget

in committee · New Jersey · General Assembly Jan 13, 2026

A 1177: Excludes gains on sales of certain real estate purchases from taxation under corporation business tax and gross income tax.

This bill exempts gains from the sale of certain investment properties from New Jersey's corporation business tax and gross income tax. It applies to real estate purchased during a three-year window starting from enactment (ending three years later), provided the property was held for over two years and was not occupied by the owner (excluding vacant land but including subdivided land actively for sale). Eligible properties must be non-residential investment holdings, not vacant or idle land, and the exclusion requires a minimum two-year holding period. The bill aims to incentivize real estate investment by reducing tax liability on qualifying sales.

Topics ✗ Budget & Taxes

Sub-Topics Business Taxes Income Tax

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