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Committee Statement to Assembly, No. 4806 - Assembly Commerce and Economic Development (October 21, 2020)

Summary

A statement of the Assembly Commerce and Economic Development Committee to the Assembly on Assembly Bill No. 4806 of the State of New Jersey, dated October 21, 2020. The committee reports the bill favorably. The bill would authorize municipalities to establish and operate property tax reward programs, structured as a local merchant loyalty program and run by a private entity designated by the municipality. Participating customers would earn rewards, calculated as a percentage of the total sale, from participating businesses. The annual rebate earned by a participating customer would equal all rewards earned between May 1st and April 30th, and the municipal tax collector would subtract the rebate from the property taxes due for a participating property owner.

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“Committee Statement to Assembly, No. 4806 - Assembly Commerce and Economic Development (October 21, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-10-21-ace-a4806-s1-ecd433d66b/, SHA-256 a91d1ae0a9f47b7a3f5f7d0d052161701afad2d1b19cd7eaf4cdc2a5eb43d64d.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                         STATEMENT TO

                     ASSEMBLY, No. 4806

       STATE OF NEW JERSEY
                         DATED: OCTOBER 21, 2020

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 4806.
         This bill would authorize municipalities to establish and operate
      property tax reward programs. A municipal property tax reward
      program would be structured as a local merchant loyalty program
      and marketed as an economic development tool to encourage people
      who live in and around a municipality to shop at businesses located
      within the municipality.
         A property tax reward program would provide monetary rewards
      to participating customers who purchase goods or services from
      participating businesses (businesses located in the municipality that
      agree to provide rewards under the program). The program would
      be operated by a private entity designated by the municipality. The
      program operator would advise participating customers of the
      businesses participating in the program, and of the reward each
      participating business has agreed to provide under the program.
         Under the bill, a program operator would offer reward cards to
      municipal residents, municipal employees, persons employed in the
      municipality, and, upon request, residents of other municipalities.
      After receiving a reward card, a recipient may register with the
      program operator to participate in the program. A participating
      customer would present a reward card to a participating business
      when making a purchase at the business in order to earn rewards.
      Program rewards would be calculated as a percentage of the total
      sale by a participating customer at a participating business.
         Each participating business would determine, and would inform
      the program operator of, the reward the business would offer
      participating customers. A participating business would pay the
      amount of the rewards earned by participating customers to the
      program operator, plus a separate administrative fee for the services
      of the operator.
         The amount of the annual rebate earned by a participating
      customer would equal the total amount of all rewards earned by the
      customer annually, between May 1st and April 30th.
         No later than June 1, annually, the operator would provide the
      municipal tax collector with a list of program participants who are
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property owners and the dollar amount of the annual rebate earned
by each property owner between May 1st and April 30th; and would
transfer to the municipal tax collector the total dollar value of all
annual rebates earned by those property owners between May 1st
and April 30th. The tax collector would note on the property tax
bill of each participating customer the amount of the annual rebate
earned, and would subtract that amount from the total amount of
property taxes due and payable on the property for the tax year.
   No later than June 1st annually, the operator would issue to each
participating customer who is not a property owner within the
municipality a rebate check for the total reward amounts earned by
the participating customer between May 1st and April 30th.

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