New Jersey Statutes 54:4-66.8. Permitted donations; use of funds
Terms Used In New Jersey Statutes 54:4-66.8
- collector: when used in relation to the collection of taxes or water rents or other public assessments, includes all officers charged with the duty of collecting such taxes, water rents or assessments, unless a particular officer is specified. See New Jersey Statutes 1:1-2
- Donor: The person who makes a gift.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements and hereditaments and all rights thereto and interests therein. See New Jersey Statutes 1:1-2
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
b. If a local property owner makes a donation to a local charitable fund that is eligible for a property tax credit, that property owner shall indicate at the time of the donation the specific parcel of property to which the donation shall apply in order for such credit to issue. A donation may be credited to more than one real property in a manner indicated by the local property owner. If credited to more than one real property, the local property owner shall indicate the amount of the donation intended to be applied to each real property.
c. Following receipt of a local charitable donation, the fund administrator shall:
(1) issue a receipt to the donor, confirming the amount of the donation and the real property associated with the donation;
(2) notify the donor that, in the event that the annual credit-eligible donation cap has been reached, the donation is being held by the local unit in escrow, awaiting the donor’s direction. Following such notification, the fund administrator shall provide the donor with 60 days, or a lesser amount of time if so specified by the director, to direct the fund administrator to allocate the donation to another charitable fund established by the local unit, or to rescind the donation, provided, however, that the donor’s failure to provide direction within the applicable timeframe shall result in the transfer of the donation funds to the spillover fund or, if no spillover fund has been established, in the return of the donation funds to the donor; and
(3) notify the municipal tax collector, and chief financial officer or business administrator of the local unit, within five business days of the amount of the donation and the amount of the credit made available as a result of the donation. Thereafter, the municipal tax collector shall notify the donor of the amount of the available local property tax credit.
d. Charitable fund donations shall be used for the following purposes:
(1) for purposes as designated by the local unit pursuant to section 2 of P.L.2018, c.11 (C. 54:4-66.7);
(2) the payment of any administrative fees of the municipality that may be required by the municipality pursuant to subsection g. of section 4 of P.L.2018, c.11 (C. 54:4-66.9); and
(3) the remainder of the funds shall be used for the payment of administrative costs associated with the establishment and continued operation of the fund.
e. In regard to the local property tax credit established pursuant to section 4 of P.L.2018, c.11 (C. 54:4-66.9), only local charitable donations made to a charitable fund established by a local unit pursuant to section 2 of P.L.2018, c.11 (C. 54:4-66.7) are eligible to be credited on the property tax bill.
L.2018, c.11, s.3.