News Flash

Budgeting

Posted on: June 29, 2022

Energy Tax Receipt Funding Update

The FY 2023 Budget legislation was favorably released from both the Senate Budget and Appropriations Committee and the Assembly Budget Committee along a party-line vote in both committees on the evening of June 27. The Budget legislation includes an allocation of $75 million in new funds as part of the Energy Tax Receipt Property Tax Restoration Funds titled the Municipal Relief Fund. The new language states: 

  • “Notwithstanding the provisions of any law or regulation to the contrary, the amount hereinabove appropriated for Municipal Relief Fund shall be distributed to municipalities on the same schedule as Energy Tax Receipts Property Tax Relief Aid and shall be allocated to municipalities in amounts proportional to the amount received by a municipality from Energy Tax Receipts Property Tax Relief Aid, including amounts transferred from Consolidated Municipal Property Tax Relief Aid to the Energy Tax Receipts Property Tax Relief Aid account.” Page 199 Lines 32-38.

We are currently reviewing the newly released SFY 2023 budget and will be providing a further update shortly. The legislature and Governor have until June 30 to adopt the SFY 2023 budget.

Contact: Andrew LaFevre, Legislative Analyst, alafevre@njlm.org, 609-695-3481, x116.

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