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The original item was published from 6/13/2022 2:41:33 PM to 6/14/2023 12:00:07 AM.

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Posted on: June 13, 2022

[ARCHIVED] Action Needed to Advance ETR Fund Restoration

A-3804/S-330, which would restore distributions to municipalities from the Energy Tax Receipts Property Tax Municipal Distribution Program (ETR) over two years and require additional funding to be subtracted from the municipal property tax levy, is the first major step in addressing property tax affordability. The legislation is awaiting consideration by the Assembly State and Local Government Committee and with less than three weeks left before summer break, now is the time to act.
  
The League has long advocated the restoration of this funding. With news that the State’s fiscal picture is remarkably strong and expected revenue far exceeds projections, now is the time to restore Energy Tax Receipts. If you have not done so already, we strongly suggest you reach out to your Assembly representatives urging them to support A-3804 and consider adopting the sample resolution calling for the swift passage and signing of S-330.
  
If you want to see the impact the reduced funding has had in your municipality, please use the 2021 ETR Impact Calculation individual sheet. Simply insert the annual amount of ETR funding your municipality received and the sheet will update to reflect the shortfall over time. We suggest you share this information with your residents, Assembly and Senate representatives, and Governor.
  
 The time has come to restore to local budgets the millions in property tax relief that have been annually diverted to meet State needs.
  
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