N.J. Admin. Code § 5:30-18.6

Current through Register Vol. 56, No. 19, October 7, 2024

Section 5:30-18.6 - Spillover fund

(a) The ordinance or resolution creating a charitable fund may establish a separate spillover fund to be utilized for the purpose supported by the levy that is authorized under subsection (e) of N.J.S.A. 54:4-66.7, in the event the amount of the donation exceeds the amount that can be credited toward the donor's annual property tax obligation. The approved uses of a spillover fund shall be set forth in the ordinance establishing the spillover fund.

(b) Creditable donations in a spillover fund shall be applied to consecutive annual property tax bills until exhausted, except that donations in a spillover fund shall not be credited against more than five consecutive annual property tax bills issued for a specific parcel; any funds remaining after the five years shall be refunded to the donor. Spillover fund proceeds shall be reported on the balance sheet as a separate pre-paid tax line from the charitable fund.

(c) Monies in a spillover fund shall be utilized by a municipality or county solely for the budget year corresponding to the year in which a taxpayer will receive a credit against their municipal or county purposes property taxes.

N.J. Admin. Code § 5:30-18.6

Adopted by 50 N.J.R. 2247(a), effective 9/21/2018

Amended by 51 N.J.R. 828(a), effective 4/30/2019