Senate Commerce Committee Statement to Senate, No. 1668 — State of New Jersey (May 16, 2022)

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 1668, State of New Jersey, dated May 16, 2022, reporting the bill favorably. The bill sets at $37,500 the minimum a cemetery company established before December 1, 1971 must retain in its Maintenance and Preservation Fund. The statement says current law sets no such minimum for these cemetery companies, as it does for those established after December 1, 1971. The bill also requires that funds above the $37,500 minimum be applied to the maintenance and preservation of the cemetery.

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SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
1668

STATE
OF NEW JERSEY

DATED: MAY 16,
2022

The
Senate Commerce Committee reports favorably Senate Bill No. 1668.

This
bill sets the minimum dollar amount a cemetery company must retain in its
Maintenance and Preservation Fund at $37,500 if that company was established
before December 1, 1971. Current law requires such cemetery companies to
transfer into their Maintenance and Preservation Funds any funds established
for the maintenance and preservation of the cemetery and any additional amount
set by the New Jersey Cemetery Board. However, current law does not set a
minimum dollar amount these cemeteries are required to retain in their
Maintenance and Preservation Funds, as it does for cemetery companies
established after December 1, 1971. Additionally, the bill requires that any
funds exceeding the $37,500 minimum must be applied towards the maintenance and
preservation of the cemetery.

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