Bill to let towns spread commercial tax refunds over three years affirmed in the Senate

TRENTON – Towns and cities will catch a break on commercial tax appeal refunds if S2762 continues to gain steam. Today, it passed first reading in the state Senate, 25-12, although it has yet to get a committee hearing in the Assembly.

“It gives municipalities a cushion,” said Majority Leader Barbara Buono, (D-18), of Metuchen.

The bill allows municipalities to string out commercial or industrial tax appeals for tax year 2010 or 2011 over three fiscal years. Interest is still calculated at a 5 percent annual rate. Currently, the towns are required to pay excess taxes in full within 60 days of the final judgment.

Bill to let towns spread commercial tax refunds over three years affirmed in the Senate