Requires municipal tax collectors who obtain payments in lieu of taxes under "Long Term Tax Exemption Law" to share portion of that revenue with school district or districts.

Summary

The legislation directs municipal tax collectors who receive payments in lieu of taxes under the Long Term Tax Exemption Law to share a portion of that revenue with the relevant school district or districts. It is intended to provide schools with additional funding that would otherwise be lost due to tax‑exempt status. The measure impacts municipalities, tax collectors, and public school districts.

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