18. a. There is established in the Department of the Treasury the Stay NJ Task Force. The purpose of the task force shall be to develop recommendations for establishing and funding uniform property tax relief to all senior citizen homeowners and tenants making under $500,000 per year. The task force shall review all of the existing property tax relief programs and present, to the Governor and the Legislature, no later than May 30, 2024, a report containing recommendations about how to restructure, and consolidate, the various property tax relief programs into one, streamlined, property tax relief program that would deliver to senior citizens having an annual gross income under $500,000 an annual property tax benefit, which for homeowners shall be in the amount of 50 percent of the property tax bill on their principal residence, beginning with the tax year 2026, which commences on January 1 of that year. The report shall include recommendations concerning system improvements that both the State and local government units would need to implement the Stay NJ property tax credit program and the funding required to establish and maintain such system improvements. The task force shall provide recommendations that have a target implementation date of January 1, 2026.

b. The task force shall be comprised of six members. The membership of the task force shall be appointed as follows:

The State Treasurer, or the State Treasurer’s designee, who shall serve ex officio;

The Commissioner of Community Affairs, or the commissioner’s designee, who shall serve ex officio;

One public member, who shall be appointed by the Governor, who may be an employee of the Executive Branch of State government;

One public member who shall be appointed by the Governor upon the recommendation of the Senate President;

One public member who shall be appointed by the Governor upon the recommendation of the Speaker of the General Assembly; and

One public member who shall be appointed by the Governor upon the joint recommendation of the Senate President and the Speaker of the General Assembly.

The task force shall have a chairperson and a vice chairperson designated by the Governor. The Governor shall designate as the chairperson one of the cabinet members of the task force, or their designee, or the public member appointed by the Governor. The Governor shall designate as the vice chairperson a public member upon the joint recommendation of the Senate President and the Speaker of the General Assembly. The Governor shall also appoint a secretary. There shall be required affirmative vote of four out of the six members of the task force for an action to be taken or a decision made.

The task force shall organize as expeditiously as practicable following the appointment of all its public members. Appointments to the task force shall be made in an expeditious manner to ensure the task force has sufficient time to make the recommendations required by this section in order to facilitate implementation of the Stay NJ program on or before the dates set forth in P.L.2023, c.75 (C. 54:4-8.75a et al.).

c. The Governor shall appoint an executive director, who shall be employed by the task force and paid by the task force from funds appropriated for its use pursuant to P.L.2023, c.75 (C. 54:4-8.75a et al.).

The Department of the Treasury shall provide staff support to the task force. The task force shall be entitled to call to its assistance and avail itself of the services of the employees of any State, county, or municipal department, board, bureau, commission, or agency as the task force may require and as may be available to the task force for its purposes. The task force may consult with experts or other knowledgeable individuals in the public or private sector on any aspect of its mission outlined in this section; provided, however, any services, professional or otherwise, that the task force requires shall be procured by the Department of the Treasury.

No later than May 30, 2024, the task force shall prepare and submit to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C. 52:14-19.1), to the Legislature, a report detailing the task force’s recommendations as required by this section, including any recommendations for legislative or regulatory action that are necessary to effectuate the recommendations.

d. Beginning September 1, 2023 and on the first day of each calendar quarter thereafter, the executive director shall submit to the presiding officer of each House of the Legislature, and to the chairs of the Senate Budget and Appropriations Committee and the Assembly Budget Committee, a status update on the work undertaken by the task force during the previous calendar quarter. The presiding officer of each House of the Legislature, and the chairs of the Senate Budget and Appropriations Committee and the Assembly Budget Committee, may request that specific information be included in the quarterly status updates required by this subsection concerning the work of the task force and the formulation of any recommendations it may make for the streamlining of the various property tax relief programs for senior citizens provided by the State into one, uniform program.

e. The task force shall disband on the 30th day after the enactment of legislation in response to the Stay NJ Task Force pursuant to section 19 of P.L.2023, c.75 (C. 54:4-8.75p).

L.2023, c.75, s.18.