TRENTON – Legislation sponsored by Senator Brian P. Stack which would amend the Fiscal Year 2019 Appropriations Act to allow certain municipalities to use Energy Tax Receipts Property Tax Aid (ETR) to provide benefits for Regional Efficiency Aid Programs (REAP) passed the Senate Budget and Appropriations Committee.
“REAP benefits offer much needed property tax relief for New Jersey residents,” said Senator Stack (D-Hudson). “This legislation will help municipalities meet their REAP obligations by offering another means of funding the benefit.”
The bill, S-2913, would authorize the Director of the Division of Local Government Services in the Department of Community Affairs to allow those municipalities which received REAP funding in FY 2010 to use the receipts of ETR or Consolidated Municipal Property Tax Relief Aid, or both to provide REAP benefits.
REAP provides state funded property tax credits to the residents of certain municipalities which implemented regionalization, consolidation or shared services initiatives.
With yesterday’s 12-0 vote the bill clears committee, and next heads to the full Senate for further consideration.