New Jersey Legislative Bills

A2233 – Greenwald (D6), Calabrese (D36)/ S518 – Cruz-Perez (D5), Beach (D6)

Eliminates one percent tax on purchasers of Class 4A commercial property transferred for consideration in excess of $1 million.

New Jersey Realtors® Position: STRONG SUPPORT

We strongly support this bill to stimulate New Jersey’s commercial real estate market by eliminating the one percent buyer’s fee.

Bill History: 1/11/2022 – Introduced in Senate and referred to Senate Budget and Appropriations Committee 2/7/2022 – Introduced in Assembly and referred to Assembly Commerce and Economic Development Committee 3/14/2022 – Reported out of Assembly Committee and referred to Assembly Appropriations Committee

A2266 – Murphy (D7)

Establishes five-year housing advisory plan.

New Jersey Realtors® Position: SUPPORT

We support this bill so the State can have proper long term planning for New Jersey residential housing needs.

Bill History: 2/7/2022 – Introduced in Assembly and referred to Assembly Housing Committee

S231 – Pennacchio (R26)

Establishes home elevation fund and dedicates up to $5 million of realty transfer fee revenue annually for this purpose.

New Jersey Realtors® Position: MONITOR

We are monitoring this bill since the appropriations portion is being funded through revenue from the realty transfer fee.

Bill History: 1/11/2022 – Introduced in Senate and referred to Senate Environment and Energy Committee