19. After the Legislature and the Governor review the Stay NJ Task Force’s recommendations and determine such recommendations are appropriate, the Legislature shall consider and approve, and the Governor shall enact, the legislation recommended by the Stay NJ Task Force, or legislation substantially similar to the legislation recommended by the task force, regarding the objectives set forth in section 18 of P.L.2023, c.75 (C. 54:4-8.75o) not later than 90 days prior to July 1, 2025, the date by which the State Treasurer shall be required to produce the application for the Stay NJ program in 2026 pursuant to section 4 of P.L.2023, c.75 (C. 54:4-8.75d). Notwithstanding the provisions of this act or any law to the contrary, if the Legislature and the Governor fail: (1) to enact legislation following the release of the task force’s report or (2) to enact legislation that the Governor and Legislature deem appropriate which otherwise addresses the issues the task force is required to consider pursuant to section 18 of P.L.2023, c.75 (C. 54:4-8.75o), then promulgation of a combined single application form shall not be required on or before the date set forth in section 4 of P.L.2023, c.75 (C. 54:4-8.75d) and the implementation of the Stay NJ property tax credit program shall be delayed until the enactment of such legislation. If legislation is enacted after the 90th day preceding July 1, 2025, then promulgation of a combined single application form shall be required no earlier than the 91st day next following the enactment of such legislation and the implementation of the Stay NJ property tax credit program shall begin no earlier than the first tax year quarter beginning no less than six months following the promulgation of the combined single application form.

L.2023, c.75, s.19.