New Jersey Statutes 54:4-66.6. Definitions relative to local government unit charitable funds
Terms Used In New Jersey Statutes 54:4-66.6
- Donor: The person who makes a gift.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements and hereditaments and all rights thereto and interests therein. See New Jersey Statutes 1:1-2
“Annual credit-eligible donation cap” means the cap on the total value of local charitable donations that are eligible for a local property tax credit, as established pursuant to paragraph (1) of subsection d. of section 2 of P.L.2018, c.11 (C. 54:4-66.7).
“Charitable fund” means a fund established pursuant to section 2 of P.L.2018, c.11 (C. 54:4-66.7).
“Commissioner” means the Commissioner of the Department of Banking and Insurance.
“Director” means the Director of the Division of Local Government Services in the Department of Community Affairs.
“Director of Taxation” means the Director of the Division of Taxation in the Department of the Treasury.
“Fund administrator” means the official or entity designated pursuant to subsection b. of section 2 of P.L.2018, c.11 (C. 54:4-66.7), to be responsible for the collection, distribution, and administration of donations to charitable funds, and who shall be an official serving as the custodian of public funds for the municipality, county, or school district establishing the charitable fund.
“Local charitable donation” means a donation paid in money by, or on behalf of real property owned by a local property owner to a charitable fund established by a local unit.
“Local property owner” means a person or entity who owns real property within the county, municipality, or school district, with a charitable fund to which a local charitable donation is made.
“Local unit” means a municipality, county, or school district.
“Mortgagee” means the holder of a mortgage loan.
“Property tax credit” means the credit established pursuant to section 4 of P.L.2018, c.11 (C. 54:4-66.9).
“Qualified donation” means a local charitable donation that may qualify real property of the donor for a property tax credit established pursuant to section 4 of P.L.2018, c.11 (C. 54:4-66.9).
“Servicing organization” means a mortgagee or an agent of the mortgagee, pursuant to a written agreement between the agent and the mortgagee, which is responsible for one or more mortgage escrow accounts.
“Spillover fund” means a fund established, pursuant to subsection e. of section 2 of P.L.2018, c.11 (C. 54:4-66.7), to temporarily hold donations to charitable funds that have reached their annual credit-eligible donation cap.
L.2018, c.11, s.1.