N.J. Stat. § 39:2A-31

Current through L. 2024, c. 87.

Section 39:2A-31 - Exercise of powers by commission for people; tax exemption

The exercise of the powers granted by this act will be in all respects for the benefit of the people of the State, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions, and as the operation and maintenance of facilities and assets by the commission will constitute the performance of essential governmental functions, the commission shall not be required to pay any taxes or assessments upon any facility and assets or any property acquired or used by the commission under the provisions of this act or upon the income therefrom, and any facility and assets and any property acquired or used by the commission under the provisions of this act and the income therefrom shall be exempt from taxation.

N.J.S. § 39:2A-31

Added by L. 2003, c. 13, s. 32, eff. on the date the Commissioner of Transportation certifies to the Governor that a majority of the members of the commission have been appointed or are in office and that all necessary anticipatory actions have been accomplished, provided, that the amount of revenues received pursuant to sections 109 and 110 of chapter 13 prior to the date of certification are hereby appropriated to the division.