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Posted on: May 4, 2018

Charitable Trust Legislation Signed

On May 4 in East Rutherford, Governor Murphy signed S-1893, which permits municipalities, counties, or school districts to establish one or more charitable funds, each for specific public purposes; and permits property tax credits in association with certain donations. This legislation is a response to the loss of the SALT property tax deduction. The new law will take effect on July 3, 2018. The state is in the process of drafting rules to implement the law. We will continue to share updates as they become available. For more on the new law please read our blog post.

Contact: Lori Buckelew, Senior Legislative Analyst, lbuckelew@njslom.org, 609-695-3481, x112.

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