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Posted on: July 2, 2018

Charitable Trust Law Effective July 3

Taking effect on July 3, P.L. 2018, c. 11, permits municipalities, counties, and school districts to establish one or more charitable funds, each for a specific public purpose, and permits property tax credits in association with certain donations. However, for practical purposes, the Division of Local Government Services must first adopt regulations before a municipality can implement such charitable funds. (For more on the law, please see our blog post.)

In preparation for the law, the Division has been drafting regulations and working with stakeholders, including the League. We anticipate that the rules will be adopted using the special adoption procedure provided for in P.L. 2018, c.11, which would make them effective upon filing with the Office Administrative Law (OAL), with a 60-day comment period that starts with an appearance in Register.

It is anticipated that the Division will issue a Local Finance Notice providing further technical guidance on the new law. We will continue to keep you posted.
 
Contact: Lori Buckelew, Senior Legislative Analyst, lbuckelew@njslom.org, 609-695-3481, Ext. 112.

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