N.J. Stat. § 58:11B-17

Current through L. 2023, c. 320.

Section 58:11B-17 - Tax exemption

All property of the trust is declared to be public property devoted to an essential public and governmental function and purpose and the revenues, income and other moneys received or to be received by the trust shall be exempt from all taxes of the State or any political subdivision thereof. All bonds, notes and other obligations of the trust issued pursuant to P.L. 1985, c.334 (C.58:11B-1 et seq.), P.L. 1997, c. 224(C.58:11B-10.1 et al.), or sections 22 and 34 through 38 of P.L. 2016, c. 56(C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4) are declared to be issued by a body corporate and politic of the State and for an essential public and governmental purpose and those bonds, notes and other obligations, and interest thereon and the income therefrom and from the sale, exchange or other transfer thereof shall at all times be exempt from taxation, except for transfer inheritance and estate taxes.

N.J.S. § 58:11B-17

Amended by L. 2016, c. 56,s. 27, eff. upon the appropriation by the State of eligible federal or State funds into the State Transportation Infrastructure Bank Fund pursuant to section 34 of P.L. 2016, c. 56 (C.56:11B-10.4) and funds are appropriated to the trust to cover administrative and operational expenses related to the State Transportation Infrastructure Bank.

L.1985, c.334, s.17; amended 1997 c. 224, s. 14.