Office of Legislative Services
State House Annex
P.O. Box 068
Trenton, New Jersey 08625
Legislative Budget and Finance Office
Phone (609) 847-3105
Fax (609) 777-2442
www.njleg.state.nj.us
LEGISLATIVE FISCAL ESTIMATE
[Second Reprint]
SENATE, No. 741
STATE OF NEW JERSEY
221st LEGISLATURE
DATED: JUNE 28, 2024
SUMMARY
Synopsis: Authorizes State Treasurer to sell as surplus certain real property and
improvements in City of Jersey City in Hudson County.
Type of Impact: One-time State revenue increase; one-time expenditure increase for
Port Authority of New York and New Jersey.
Agencies Affected: Department of the Treasury; Port Authority of New York and New
Jersey.
Office of Legislative Services Estimate
Fiscal Impact
One-Time State Revenue Increase $1.00
One-Time Expenditure Increase for
Port Authority of New York and New
Jersey $1.00
The Office of Legislative Services (OLS) concludes that this bill will result in a one-time State
revenue increase of one dollar for the sale of the surplus property to the Port Authority of New
York and New Jersey. The Port Authority of New York and New Jersey will experience a
concurrent one-time expenditure increase of one dollar.
BILL DESCRIPTION
This bill authorizes the Department of the Treasury to sell as surplus property certain State-
owned land and improvements, known as the Holland Tunnel Service Garage, located in the City
of Jersey City of the County of Hudson to the Port Authority of New York and New Jersey. The
sale does not require the approval of the State House Commission, nor any additional legislative
approval.
FE to S741 [2R]
2
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS concludes that this bill will result in a one-time revenue increase to the State Debt
Defeasance and Prevention Fund of one dollar for the sale of the surplus property to the Port
Authority of New York and New Jersey. The Port Authority of New York and New Jersey will
experience a concurrent one-time expenditure increase of one dollar.
Under current law, all State revenue gained from property sales is to be deposited in the State
Debt Defeasance and Prevention Fund unless otherwise stated in the bill.
Section: State Government
Analyst: Camryn Mathews
Assistant Fiscal Analyst
Approved: Thomas Koenig
Legislative Budget and Finance Officer
This legislative fiscal estimate has been produced by the Office of Legislative Services due to the
failure of the Executive Branch to respond to our request for a fiscal note.
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).