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A1737 • 2026

Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund.

Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund.

Housing Taxes
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Reynolds-Jackson, Verlina
Last action
2026-01-13
Official status
Introduced, Referred to Assembly Housing Committee
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund.

Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund.

What This Bill Does

  • Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund.
  • Topic: Housing Fiscal note: This bill has been certified by OLS for a fiscal note.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-01-13 New Jersey Legislature

    Introduced, Referred to Assembly Housing Committee

Official Summary Text

Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund.
Topic:
Housing
Fiscal note:
This bill has been certified by OLS for a fiscal note.

Current Bill Text

Read the full stored bill text 
A1737

ASSEMBLY, No. 1737

STATE OF NEW JERSEY

222nd LEGISLATURE

�

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Assemblywoman VERLINA REYNOLDS-JACKSON

District 15 (Hunterdon and Mercer)

Assemblywoman YVONNE LOPEZ

District 19 (Middlesex)

Assemblywoman CAROL A. MURPHY

District 7 (Burlington)

Co-Sponsored by:

Assemblywomen Peterpaul, Donlon, Assemblyman Danielsen and
Assemblywoman Brennan

SYNOPSIS

���� Dedicates 50 percent of revenues collected from
additional fees and taxes imposed on real property transfers valued over $1
million to Affordable Housing Trust Fund.

CURRENT VERSION OF TEXT

���� Introduced Pending Technical Review by Legislative
Counsel.

��

An Act
concerning the additional fees and taxes on certain
transfers of real property for over $1 million and supplementing Title 46 of
the Revised Statutes.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1.��� Notwithstanding any
provision of law to the contrary, the State shall annually deposit 50 percent
of the total revenues collected from the additional fee imposed pursuant to
section 8 of P.L.2004, c.66 (C.46:15-7.2) and the tax imposed pursuant to
section 3 of P.L.2006, c.33 (C.54:15C-1) into the New Jersey Affordable Housing
Trust Fund established pursuant to section 20 of P.L.1985, c.222
(C.52:27D-320).

���� 2.��� This act shall take
effect on the July 1 next following the date of enactment.

STATEMENT

���� This bill dedicates 50 percent
of the revenues generated from the additional taxes and fees imposed on certain
transfers of real property for over $1 million to the New Jersey Affordable
Housing Trust Fund.

���� Currently, an additional fee
is imposed on the seller of various categories of real property, including
residential property, commercial property, certain farm property, and
cooperative units, for consideration in excess of $1 million, as recited in the
deed.� The State also imposes a controlling interest transfer tax on certain
non-deed transfers of commercial property that are not subject to this
additional fee.� The controlling interest transfer tax is imposed on the seller
of a controlling interest in an entity that directly or indirectly owns certain
commercial property, provided that the consideration paid to acquire the
interest exceeds $1 million.

���� Under current law, the
revenues generated from these taxes and fees are deposited into the General
Fund.� The bill specifies that 50 percent of these revenues would instead be
annually deposited into the �New Jersey Affordable Housing Trust Fund� to support
appropriations for affordable housing purposes.