N.J. Stat. tit. 54, ch. 29A

in effect

N.J. Stat. § 54:29A-1 Short title

This act shall be known as the "railroad tax law of 1948." L.1941, c. 291, p. 774, s. 1. Amended by L.1948, c. 40, p. 114, s. 1.

N.J. Stat. § 54:29A-2 Definitions

As used in this act, unless the context clearly requires a different meaning: "Railroad" means any common carrier by railroad engaged in, owning or constructing facilities for, the transportation of persons or property in or through this State, other than a street railway or traction company using or occupying the public streets, highways, roads or other public places, the taxation of which is otherwise provided by law. "System" means any independently operating railroad which operates its facilities and those of one or more other railroads as a single utility for furnishing transportation service. A system shall include all companies the property of which is so operated either by virtue of control through direct or indirect ownership of a majority or more of capital stock, or under lease, trackage rights or under any other form of contract, and for which separate operating accounts are not maintained. "Main stem" of a railroad means the roadbed not exceeding 100 feet in width, as measured horizontally at the elevation of the base of the rail, including the full embankment or excavated area, with slopes, slope ditches, retaining walls or foundations necessary to provide a width not to exceed 100 feet at base of rail, together with all tracks, appurtenances, ballast and all structures erected thereon and used in connection therewith, but not including passenger or freight buildings erected thereon. "Tangible personal property" means the rolling stock, cars, locomotives, ferryboats, all machinery, tools and other tangible personal property of a railroad company, and also the locomotives and cars not belonging to such railroad company but built for its use and actually used in this State, or run under its control in this State by a sleeping car company or other company; but the rolling stock of other persons or corporations temporarily used on any such road, but not forming part of the equipment of such road, shall not be included in the term. "Taxpayer" shall mean any person, railroad or system subject to taxation under the provisions of this act. "Facilities used in passenger service" means land, stations, terminals, roadbeds, tracks, appurtenances, ballast and all structures used in connection with rendering passenger service, including signal systems, power systems, equipment storage, repair and service facilities. "Commissioner" or "State Tax Commissioner" means the Director of the Division of Taxation in the State Department of the Treasury. L.1941, c. 291, p. 774, s. 2. Amended by L.1948, c. 40, p. 114, s. 2; L.1966, c. 139, s. 1, eff. June 17, 1966.

N.J. Stat. § 54:29A-4 Property not used for railroad purposes

All the property of a railroad company not used for railroad purposes shall be assessed and taxed by the same assessors, in the same manner and at the same rate as the taxable property of other owners in the same taxing district. L.1941, c. 291, p. 775, s. 4.

N.J. Stat. § 54:29A-5 Municipal assessment of benefits; delegation of powers by commissioner

Nothing in this act shall be construed to prohibit any municipality from assessing benefits for street, sidewalk, sewer or other municipal improvements against any of the property of a railroad in this State, but such assessments shall be made against railroad property by the same method and by the same officers as are provided by law in the case of assessments against the properties of individuals. The commissioner may delegate to any officer or employee of his department such of his powers as he may deem necessary to carry out efficiently the provisions of this act, including the power to appraise and assess any or all property in railroad use, and the person or persons to whom such power has been delegated shall possess and may exercise all of the power and perform all of the duties herein conferred and imposed upon the commissioner. L.1941, c. 291, p. 775, s. 5. Amended by L.1948, c. 40, p. 116, s. 3.

N.J. Stat. § 54:29A-6 General powers of commissioner

The commissioner is hereby authorized and empowered to carry into effect the provisions of this act and subject thereto he shall prescribe and publish all needful rules and regulations for its enforcement. He shall keep a record of his proceedings and shall report annually to the Legislature. L.1941, c. 291, p. 775, s. 6.

N.J. Stat. § 54:29A-7 Property taxable; rate

There is hereby levied an annual property tax upon all property used for railroad purposes, other than (a) main stem, (b) tangible personal property and (c) facilities used in passenger service, which tax shall be assessed by the commissioner, in the manner hereinafter provided and at the rate of $4.75 for each $100.00 of the true value of such property for the year 1967 and each year thereafter. L.1941, c. 291, p. 776, s. 7. Amended by L.1948, c. 40, p. 116, s. 4; L.1964, c. 251, s. 2; L.1966, c. 139, s. 2, eff. June 17, 1966.

N.J. Stat. § 54:29A-7.1 Real property deemed to be in railroad use regardless of ownership or possession

For the purposes of the act to which this act is a supplement, real property shall be deemed to be in railroad use if such property is used for the transportation of persons or freight by a railroad, regardless of the ownership or possession of the real property. L.1979, c. 95, s. 2.

N.J. Stat. § 54:29A-8 Leased property

If the property of a railroad be leased to or operated by another corporation, foreign or domestic, the property of the lessor, or company whose property is operated, shall be subject to taxation in the manner provided in this act. L.1941, c. 291, p. 776, s. 8.

N.J. Stat. § 54:29A-10 Grade crossing improvements exempt

The value of the taxable property of each railroad used for railroad purposes shall be ascertained without including: (a) Any part of the cost of improvements, relocation, reconstruction, elimination or avoidance of highway grade crossings, including State highways, made pursuant to Title 48 of the Revised Statutes, or pursuant to the provision of an agreement for any of such purposes with a municipality made after April 27, 1931, but such exemptions shall apply only to main lines and branches existing on April 27, 1931; (b) The cost essential to the improvement, relocation or reconstruction of existing grade separation structures made after January 1, 1960, pursuant to said Title 48 or pursuant to a said agreement; (c) Any part of the cost of installing or replacing protective devices for the protection of the traveling public at grade crossings, such devices to be exempt from and after the assessing date of January 1, 1960. The exemptions specified in subparagraphs (a) and (b) above shall not apply to any additions and betterments voluntarily made by a railroad in connection with grade crossing projects. L.1941, c. 291, p. 776, s. 10. Amended by L.1960, c. 151, p. 680, s. 1; L.1964, c. 251, s. 3, eff. Jan. 1, 1966.

N.J. Stat. § 54:29A-11 Assessment in lieu

Taxes assessed pursuant to this act shall be in lieu of all other State or local taxation of or measured by property used for railroad purposes, including the main stem, tangible personal property and facilities used in passenger service, other than assessments for benefits. L.1941, c. 291, p. 777, s. 11. Amended by L.1964, c. 251, s. 4; L.1966, c. 139, s. 3, eff. June 17, 1966.

N.J. Stat. § 54:29A-12 Assessment procedure

Property taxable under this act shall be assessed by the commissioner to each system and to each railroad not part of a system by which such property is used for railroad purposes. The assessment shall be made in the manner hereinafter provided. L.1941, c. 291, p. 777, s. 12.

N.J. Stat. § 54:29A-13 Franchise excise

An annual franchise tax is hereby levied upon all railroads operating within this State, which shall be assessed at the rate of 10% upon the net railway operating income of the preceding year, computed and allocated in the manner hereinafter provided, of each system and of each railroad not part of a system, provided, however, that the minimum franchise tax payable by any taxpayer shall be $100 as to taxpayers having total railway operating revenues of the preceding year allocated under section 14 not in excess of $1 million and $4,000 as to all other taxpayers. L.1941, c. 291, p. 777, s. 13. Amended by L.1948, c. 40, p. 116, s. 5; L.1964, c. 251, s. 5, eff. Jan. 1, 1966.

N.J. Stat. § 54:29A-14 Measure of franchise tax

For the purpose of this article, net railway operating income shall be computed as total railway operating revenues from all sources, including any revenue whatever derived directly or indirectly from property which is used for railroad purposes, less costs of railroad maintenance, operation, depreciation and amortization, railway tax accruals, uncollectible railway revenues, rentals (both debits and credits) for equipment leased for less than 1 year or interchanged, and joint facility rents (both debits and credits); provided, however, that amounts paid by the State of New Jersey or any county or municipality, or any agency, authority or subdivision thereof, pursuant to contracts for passenger service, shall not be included as such operating revenues. Deductions from operating revenues for depreciation, additions and betterments, and compensation for personal services shall be subject to regulation by the commissioner, as to reasonableness of amount and appropriateness of accounting distribution. Depreciation and amortization charges shall in no instance, however, exceed the amounts permitted by the Interstate Commerce Commission in determining the net railway operating income of the railroad for the year under consideration. For the purpose of determining the measure of the tax imposed by this act, net railway operating income of each system, and of each railroad not part of a system, shall be allocated to this State in the proportion that the number of miles of all track over which the railroad or system operates in this State bears to the total number of miles of all track over which it operates. L.1941, c. 291, p. 777, s. 14. Amended by L.1942, c. 169, p. 513, s. 1; L.1948, c. 40, p. 117, s. 6; L.1960, c. 154, p. 683, s. 1, eff. Dec. 27, 1960.

N.J. Stat. § 54:29A-15 Assessment; franchise tax

On or before July twenty-second in the year one thousand nine hundred and forty-eight and on or before June first in each year thereafter, the commissioner shall compute the franchise tax payable under this act and assess the amount thereof to each taxpayer. L.1941, c. 291, p. 778, s. 15. Amended by L.1942, c. 169, p. 515, s. 2; L.1948, c. 40, p. 117, s. 7.

N.J. Stat. § 54:29A-16 Local assessors; information returns

The assessors in all taxing districts where property of a railroad not used for railroad purposes shall be assessed, if required so to do by the State Tax Commissioner, shall certify and send to the commissioner on or before the second Monday in June in each year, a statement giving the description of such property included in the local ratables for that year, and showing the assessed valuation thereof. They shall also, at the same time, certify and send to him a short description of all the real property in their respective taxing districts, used or owned for railroad purposes excepting the main stem or roadbed and track, not exceeding one hundred feet in width of each railroad. L.1941, c. 291, p. 778, s. 16.

N.J. Stat. § 54:29A-17 Classification of railroad property; valuation of class II property; statement

On or before November 1 in each year the commissioner shall determine and classify all real property used for railroad purposes in this State, into the following classes: I. The length of the main stem of each railroad, and the length of such main stem in each taxing district; II. The other real estate used for railroad purposes in each taxing district in this State, including the roadbed (other than main stem and facilities used in passenger service), tracks, buildings, water tanks, riparian rights, docks, wharves and piers, and all other real estate, except lands not used for railroad purposes; III. Facilities used in passenger service. In the event any railroad property is used for both freight and passenger service, the commissioner shall apportion such property between Class II and Class III, under such rules and regulations as he shall promulgate. On or before November 1 in each year the commissioner shall determine the true value, as of the preceding January 1, of all Class II property used for railroad purposes in this State. There shall be excluded, however, any Class II property of a railroad which passed out of railroad ownership subsequent to January 1 and before October 1 and not used for railroad purposes on October 1. Upon completion of his classification of Class I and Class III property and his classification and valuation of Class II property, but not later than November 10 in each year, the commissioner shall deliver a detailed statement thereof to each taxpayer. L.1941, c. 291, p. 779, s. 17. Amended by L.1942, c. 337, p. 1188, s. 1; L.1948, c. 40, p. 118, s. 8; L.1952, c. 229, p. 774, s. 1; L.1964, c. 251, s. 6; L.1966, c. 139, s. 4, eff. June 17, 1966.

N.J. Stat. § 54:29A-17.1 Valuation; improvements to capital facilities

The value of all property used for railroad purposes of each railroad shall be ascertained without including any part of the value of improvements to capital facilities undertaken pursuant to the provision of a contract with the State Highway Commissioner or pursuant to the provision of an agreement with a municipality, where such improvements were made after January 1, 1963. For the purpose of this section "improvements to capital facilities" shall mean the construction, reconstruction, relocation, establishment, improvement (by way of betterments, additions or otherwise) or rehabilitation in connection with passenger service of passenger stations and terminals, automobile parking facilities for railroad patrons, track connections, signal systems, power systems, roadbeds, equipment storage and service facilities, and shall include the reconstruction or rehabilitation of railroad passenger cars, locomotives, self-propelled passenger carrying rail cars. L.1963, c. 96, s. 1. Amended by L.1964, c. 251, s. 10, eff. Jan. 1, 1966.

N.J. Stat. § 54:29A-18.1 Inspection of classifications and valuations; informal conference; delivery of statement

Any taxpayer may, prior to December 1 in each year, inspect the commissioner's classifications and valuations and confer informally with the commissioner as to the correctness of such classifications and valuations so that any errors may be corrected prior to the commissioner's assessment of Class II property. Following any such informal conference with the taxpayer and not later than December 15 in each year the commissioner shall deliver to the taxpayer a detailed statement of the taxpayer's Class II property together with the assessment of such property for the following tax year at the rate hereinabove established. L.1966, c. 139, s. 6, eff. June 17, 1966.

N.J. Stat. § 54:29A-21 Tax statements

Within 10 days after completion of his assessment of franchise tax, the commissioner shall serve upon each taxpayer a statement of the total amount of franchise tax payable and the manner of computation thereof. The failure of any taxpayer to receive a statement of assessment as herein required shall not invalidate any such assessment or the lien thereof, nor shall it relieve the taxpayer of the obligation of payment of the assessment as required by this act. L.1941, c. 291, p. 780, s. 21. Amended by L.1942, c. 337, p. 1190, s. 5; L.1964, c. 251, s. 7; L.1966, c. 139, s. 7, eff. June 17, 1966.

N.J. Stat. § 54:29A-22 Certification to Comptroller

After completion of his assessments, the commissioner shall report and certify all assessments and the statements thereof to the State Comptroller. The several statements shall be recorded in books kept in the office of the State Comptroller, to be provided by him for that purpose, and shall be public records open to public inspection. L.1941, c. 291, p. 780, s. 22. Amended by L.1966, c. 139, s. 8, eff. June 17, 1966.

N.J. Stat. § 54:29A-23 Tax for State use

All receipts from taxation of Class II railroad property together with the receipts from the franchise tax imposed hereunder shall be applied to the uses of the State according to law. L.1941, c. 291, p. 781, s. 23. Amended by L.1948, c. 40, p. 122, s. 12; L.1964, c. 251, s. 8; L.1966, c. 139, s. 9, eff. June 17, 1966.

N.J. Stat. § 54:29A-24.1 Replacement revenue to municipalities

In order to provide replacement revenue to municipalities in which railroad property is located as a result of the imposition of a State tax on railroad property pursuant to this act, and the elimination of the allotment and payment to taxing districts of the taxes assessed upon Class II railroad property under the Railroad Tax Law of 1948, State aid shall be appropriated and paid annually to each municipality in the manner and in an amount to be determined as hereinafter set forth. Each such municipality shall receive an amount which shall not be less than the revenues the municipality derived from such property in the tax year 1966. The amount payable to each municipality shall be adjusted for additions and withdrawals as hereinafter provided. L.1966, c. 139, s. 19, eff. June 17, 1966.

N.J. Stat. § 54:29A-24.2 Definitions

As hereinafter used in this act, the following words and terms shall have the following meanings, unless the text indicates or requires another or different meaning or intent: "Base year" means the year 1966. "Base value" means the value assessed by the commissioner for Class II railroad property in each municipality for the base year. For the purpose of determining base value, "Class II" means the classification established by the act of which this act is amendatory and supplementary. "Base tax rate" means the general real property tax rate in each municipality for the base year. "Base tax revenue" means the amount determined for each municipality by applying the base tax rate to the base value. L.1966, c. 139, s. 20, eff. June 17, 1966.

N.J. Stat. § 54:29A-24.3 Appropriation and payment of state aid; amount; adjustments

State aid shall be appropriated and paid annually to each municipality in which railroad property is located in an amount equal to base tax revenue, subject to the following adjustments, except that no State aid shall be appropriated or paid to any municipality where the base tax revenue, as adjusted, is less than $1,000.00: (a) If additional Class II property, as defined in this act, in a municipality is placed in railroad use after the base year, the base tax revenue shall be increased by an amount equal to the product of the assessed value of such additional property as of the base year times the base tax rate. (b) If any real property in a municipality is withdrawn from railroad use after the base year, the base tax revenue shall be reduced by an amount equal to the product of the assessed value of such property in the base year times the base tax rate; (1) Provided, however, that with respect to real property withdrawn from railroad use during 1976: (A) Such reduction shall not become effective for the year 1977, and (B) That if a municipality files with the State Treasurer and a copy thereof with the appropriate county board of taxation within 15 days after the effective date of this act a written request for a continuance of State aid payments for such property (or a part thereof) for the year 1978: (i) Such reduction (and in the case of a request for extended State aid payments for only a portion of the property, such proportionate reduction) shall not become effective until the year 1979, or until such property is sold or conveyed for other than railroad use, whichever comes sooner; (ii) The municipality shall be obligated to pay to the State Treasurer within 60 days of the receipt thereof any and all payments made by or on behalf of the taxpayer, a trustee of the taxpayer, or any other representative of the taxpayer, for taxes which the municipality assessed on such real property for the tax year 1978 for which extended State aid payments have been requested; (iii) The State shall be entitled, but not required, to negotiate, litigate, or settle the municipality's real property tax claim described in subsection (b)(1)(B)(ii) of this section, with whatever assistance the State requires from the municipality in such negotiation, litigation, or settlement; and (iv) In the event the State collects a greater amount of money under subsection (b)(1)(B)(ii) or (b)(1)(B)(iii) of this section than it paid to a municipality in extended State aid payments for the tax year 1978, the State Treasurer shall within 60 days return the excess payment to the municipality. (2) Provided further, however, that with respect to real property withdrawn from railroad use during 1977 and thereafter, that if a municipality files with the State Treasurer and a copy thereof with the appropriate county board of taxation, a written request for a 2 year continuance of State aid payments for such real property (or a part thereof) on or before February 1 of the year following the initial notification by the Director of the Division of Taxation that such property has been withdrawn from railroad use or within 15 days after the effective date of this act, whichever comes later: (A) Such reduction (and in the case of a request for extended State aid payments for only a portion of the property, such proportionate reduction) shall not become effective for 2 tax years following the year of initial notification to the municipality by the Director of the Division of Taxation that such real property is withdrawn from railroad use, or until such property is sold or conveyed for other than railroad use, whichever comes sooner; (B) The municipality shall be obligated to pay to the State Treasurer within 60 days of the filing of the written request for extended State aid payments, or within 60 days of the receipt thereof, any and all payments made by or on behalf of the taxpayer, a trustee of the taxpayer, or any other representative of the taxpayer, for taxes which the municipality assessed on such real property for the tax years for which extended State aid payments were made; (C) The State shall be entitled, but not required, to negotiate, litigate, or settle the municipality's real property tax claim described in subsection (b)(2)(B) of this section, with whatever assistance the State requires from the municipality in such negotiation, litigation, or settlement; and (D) In the event the State collects a greater amount of money under subsection (b)(2)(B) or (b)(2)(C) of this proviso that it paid to a municipality in extended State aid payment for a given tax year, the State Treasurer shall within 60 days return the excess payment to the municipality. (c) For the year 1967 the amount of State aid payable to each municipality shall be increased by an amount equal to the difference between the railroad tax revenue derived by such municipality for the year 1965 and the base tax revenue for such municipality. For each year thereafter, such increase shall be reduced by 10% until such time as the aforesaid difference is eliminated; provided, however, if any real property in a municipality is placed in or withdrawn from railroad use after 1967, the annual increase provided in this subsection (c) shall be adjusted to reflect any such additions or withdrawals. (d) The authorities of any taxing district desiring to contest the validity or amount of the assessment on any such additions or withdrawals may appeal to the tax court in the manner provided in sections 31 and 32 of P.L. 1941, c. 291 (C. 54:29A-31 and C. 54:29A-32). For the purposes of this section, real property shall be deemed to be in railroad use if such property is used for the transportation of persons or freight by a railroad, regardless of the ownership or possession of the real property. L.1966, c. 139, s. 21, eff. June 17, 1966. Amended by L.1977, c. 283, s. 1; L.1978, c. 16, s. 1; L.1979, c. 95, s. 1; L.1983, c. 36, s. 28, eff. Jan. 26, 1983.

N.J. Stat. § 54:29A-24.4 Payment to collector or other proper officer; time; manner

The sums payable as State aid pursuant to this act shall be paid to the collector or other proper officer of each municipality entitled thereto on or before December 10 in each year by the State Treasurer on warrant of the Director of the Division of Budget and Accounting. L.1966, c. 139, s. 22, eff. June 17, 1966.

N.J. Stat. § 54:29A-24.5 Delivery of statement to municipality concerning state aid payable in following year

Not later than December 15 of each year, the commissioner shall deliver to each municipality entitled to State aid under this act a statement of the State aid payable to such municipality for the following year. L.1966, c. 139, s. 23, eff. June 17, 1966.

N.J. Stat. § 54:29A-24.6 Adjustments in valuation

Notwithstanding any other provision of this act the valuation of Class II railroad property in each municipality used in the tax year 1966 for the purpose of determining equalized valuation for apportionment of the costs of county government, State school aid, and State school building aid and in establishing county debt limits shall continue to be used for such purposes with appropriate annual adjustment to reflect adjustments in base value as determined under section 21 of this act. The commissioner shall certify any such adjustments to the several county boards of taxation on or before December 10 for use by the county boards in determining equalized valuation for the foregoing purposes in the succeeding tax year. L.1966, c. 139, s. 24, eff. June 17, 1966.

N.J. Stat. § 54:29A-25 Reassessment; property omitted

a. Whenever the commissioner shall determine that any tax or taxes assessed pursuant to this act were less than or in excess of the amount thereof lawfully assessable, he may correct such deficiency or error by reassessing such tax, or any part thereof. b. Whenever property subject to taxation under this act has or shall have been omitted from assessment by failure of the taxpayer to include it in a return of information, or otherwise, the commissioner may, if he finds that such property has been omitted from his assessment, cause such property to be assessed for any omitted years in accordance with the provisions of this act. L.1941, c. 291, p. 782, s. 25.

N.J. Stat. § 54:29A-26 Review of assessments; notice

For the purpose of reviewing the assessments made pursuant to section twenty-five of this act, the commissioner shall sit on a day to be fixed by him, not later than twenty days after the making of the assessments, of which immediate notice shall be given by the commissioner to the taxpayers affected thereby. The commissioner may adjourn from time to time until he has finished the hearing. Not more than thirty days shall be spent in the review, and the amount of taxes fixed by him shall be due and payable into the State treasury on or before fifteen days after the time limited for the review of the assessments. L.1941, c. 291, p. 782, s. 26.

N.J. Stat. § 54:29A-27 Period of limitations

27. Period of limitations. The power of the director to make reassessments or to assess omitted property under this act shall be as provided by the State Tax Uniform Procedure Law, R.S.54:48-1 et seq. L.1941,c.291,s.27; amended 1942,c.169,s.3; 1948,c.40,s.14; 1966,c.139,s.11; 1992,c.175,s.30.

N.J. Stat. § 54:29A-28 Certification to Comptroller

The commissioner shall certify the amount of the assessments to the Comptroller, in detail, and shall divide them into taxing districts so that the amount assessed for each year in each taxing district shall appear. The same remedies shall exist for the collection of these taxes as exist for the collection of taxes regularly assessed under this act. L.1941, c. 291, p. 783, s. 28.

N.J. Stat. § 54:29A-29 Credit for taxes paid locally

Any company having paid any tax for the omitted years under an assessment made upon that property or any part thereof by the local assessors, shall be entitled to receive a credit for such payment upon the assessment made under this act by proving to the satisfaction of the State Tax Commissioner, and of the State Board of Tax Appeals when such matter is pending before it, during the time herein authorized for the review of such assessments, that such payment was made. L.1941, c. 291, p. 783, s. 29.

N.J. Stat. § 54:29A-30 Disposition of receipts

Any taxes collected upon assessments for omitted property or reassessments made by the commissioner shall be apportioned by the comptroller for the uses of the State and for local uses in the same manner as provided by the law for taxes levied upon property of the same class for any year prior to 1967, and to the State thereafter. L.1941, c. 291, p. 783, s. 30. Amended by L.1966, c. 139, s. 12, eff. June 17, 1966.

N.J. Stat. § 54:29A-31 Appeal to tax court

Any taxpayer desiring to contest the validity or amount of any assessment or reassessment of property or franchise tax made by the Director of the Division of Taxation under this act may appeal to the tax court in accordance with the provisions of the State Tax Uniform Procedure Law, R.S. 54:48-1 et seq. L.1941, c. 291, p. 784, s. 31. Amended by L.1942, c. 337, p. 1191, s. 6; L.1966, c. 139, s. 13, eff. June 17, 1966; L.1983, c. 36, s. 29, eff. Jan. 26, 1983.

N.J. Stat. § 54:29A-32 Complaint and notice

A copy of the complaint and notice of application for hearing thereon shall be served upon the Attorney General 5 days before the filing of the complaint by having a copy of the complaint and notice at his office. L.1941, c. 291, p. 784, s. 32. Amended by L.1966, c. 139, s. 14, eff. June 17, 1966.

N.J. Stat. § 54:29A-33 Hearing upon complaint

The State Board of Tax Appeals shall meet on the third Monday of May in each year at the State House, Trenton, for the purpose of fixing a time and place for the hearing of any complaint as to the validity or amount of any assessment or reassessment of property tax filed under section thirty-one of this act. The State Board of Tax Appeals shall meet on the first Tuesday of September in each year at the State House, Trenton, for the purpose of fixing a time and place for the hearing of any complaint as to the validity or amount of any assessment or reassessment of franchise tax filed under section thirty-one of this act. The Attorney-General shall appear on behalf of the State before the State Board of Tax Appeals in person or by such deputy as he may appoint and designate for that purpose. If it shall be made to appear upon such hearing that any such assessment or tax is illegal, excessive, insufficient or that there has been illegal discrimination in the assessment, the board shall correct, adjust and equalize such assessment or tax. L.1941, c. 291, p. 784, s. 33. Amended by L.1942, c. 337, p. 1192, s. 7.

N.J. Stat. § 54:29A-34 Conclusion of hearings

The State Board of Tax Appeals shall conclude its hearings on all complaints provided for by section thirty-one of this act on or before the first day of November following the filing of the complaints, and between November fifth and November tenth following shall certify to the State Tax Commissioner its final determination. L.1941, c. 291, p. 785, s. 34. Amended by L.1942, c. 337, p. 1192, s. 8.

N.J. Stat. § 54:29A-35 Certifications

Whenever a final determination of the tax court, as certified to the Director of the Division of Taxation, corrects, modifies, or otherwise affects the amount or classification of any assessment of property taxes or amends any assessment of franchise tax made by the Director of the Division of Taxation, he shall forthwith certify to the Director of the Division of Budget and Accounting in the Department of the Treasury all changes and corrections necessary to conform the assessment of tax to the determination of the tax court. L.1941, c. 291, p. 785, s. 35. Amended by L.1983, c. 36, s. 30, eff. Jan. 26, 1983.

N.J. Stat. § 54:29A-43.1 Dual assessment; appeal to tax court

If property of a taxpayer has or shall have been, in any year, assessed by the local authorities of the taxing district, and also has or shall have been classified as Class I or Class III property or classified and assessed by the Director of the Division of Taxation of the State Department of the Treasury as Class II property, an appeal may be taken to the tax court in accordance with the provisions of the State Tax Uniform Procedure Law, R.S. 54:48-1 et seq., which court shall determine, in a summary manner, the character of the property and whether used for railroad purposes and by whom it has lawfully been assessed. This determination shall be made whether the taxes in question have been paid or not and whether an appeal to review either assessment has been made or not. L.1950, c. 343, p. 1134, s. 1. Amended by L.1964, c. 251, s. 9; L.1966, c. 139, s. 17, eff. June 17, 1966; L.1983, c. 36, s. 31, eff. Jan. 26, 1983.

N.J. Stat. § 54:29A-43.6 Repeals

Sections 41, 42 and 43 of the "railroad tax law of 1948" (P.L.1941, c. 291, as amended and supplemented) are hereby repealed. L.1950, c. 343, p. 1135, s. 6.

N.J. Stat. § 54:29A-44 Returns of information

a. On or before March first in each year, every taxpayer shall return to the commissioner statements or schedules showing the character and value of all its property, as it existed on the first day of January preceding, its capitalization and its indebtedness. b. On or before April first in each year, every taxpayer shall also return to the commissioner statements or schedules showing its railway operating revenues of the preceding year, all deductions therefrom, and the net railway operating income remaining after such deductions. L.1941, c. 291, p. 788, s. 44. Amended by L.1942, c. 337, p. 1192, s. 9.

N.J. Stat. § 54:29A-45 Returns; form and content

All statements and schedules required to be returned to the commissioner shall be made and prepared in such detail, and shall contain such additional information necessary or convenient for the proper administration and collection of the taxes imposed by this act, as the commissioner may by regulation prescribe. Returns made by corporations shall be sworn to by the president, vice-president or other principal officer and by the treasurer, assistant treasurer, or chief accounting officer. Whenever a receiver, trustee or assignee is operating the property or business of a taxpayer, the receiver, trustee or assignee shall make returns and tax payments in the same manner and form as are required of the taxpayer. L.1941, c. 291, p. 788, s. 45.

N.J. Stat. § 54:29A-46 Payments; due dates

The full amount of franchise tax assessed by the commissioner for each year shall be due and delinquent on June 15. On December 1 in each year, the full amount of the Class II property tax payable under this act shall be due and delinquent. All payments shall be made to the State Treasurer. L.1941, c. 291, p. 789, s. 46. Amended by L.1941, c. 363, p. 958, s. 1; L.1941, c. 371, p. 969, s. 1; L.1941, c. 387, p. 1001, s. 1; L.1942, c. 1, p. 11, s. 1; L.1942, c. 17, p. 38, s. 1; L.1942, c. 115, p. 388, s. 1; L.1948, c. 40, p. 123, s. 15; L.1966, c. 139, s. 18, eff. June 17, 1966.

N.J. Stat. § 54:29A-46.1 Payment of franchise tax assessed for 1941

Any taxpayer may pay the whole or any part of the franchise tax assessed for the year one thousand nine hundred and forty-one at any time prior to June fifth, one thousand nine hundred and forty-two, and the State Treasurer shall accept such payments and issue receipts therefor; provided, that if such franchise tax of any taxpayer shall be adjusted, corrected or revised, amounts heretofore or hereafter paid under this act shall be credited on account of such adjusted, corrected or revised tax, and if such payments should exceed the amount of such adjusted, corrected or revised tax, the excess shall be credited upon the taxes next legally levied and payable by such taxpayer. L.1942, c. 1, p. 12, s. 2. Amended by L.1942, c. 17, p. 39, s. 2; L.1942, c. 115, p. 389, s. 2.

N.J. Stat. § 54:29A-48 Payment by person interested

If a taxpayer shall be in default in the payment of taxes under this act, a person having an interest in a mortgage or other lien on the taxpayer's franchises or property, may pay the State Treasurer the amount of such State tax and the interest due thereon, and receive from the treasurer a certificate of such payment. He shall thereupon be entitled to be repaid the amount of the tax and interest thereon at the rate of twelve per centum (12%) per annum out of the first proceeds of any sale of the franchises or property of the company, and the tax and interest thereon shall continue a lien on the franchise and property of the company, for the benefit of the holder of or person interested in the mortgage or lien until paid by the company from the sale of its franchises or property. If proceedings have been taken by the Attorney-General to enforce the payment of the tax and interest thereon, the holder of or person interested in a mortgage or lien paying the tax and interest shall pay each additional amount as the Superior Court shall certify to be proper and reasonable for the expenses and services of the proceedings as far as they have progressed for the collection of the tax and interest thereon. L.1941, c. 291, p. 789, s. 48. Amended by L.1953, c. 51, p. 920, s. 129.

N.J. Stat. § 54:29A-49 Payment pending litigation; credits

Any taxpayer may pay the amount of an assessment into the State treasury, notwithstanding litigation may be pending as to the validity of the whole or any part of said tax, and if it shall be determined in any litigation that the whole or any part of the tax so paid has been unlawfully assessed or imposed, the State Treasurer shall give credit for such overpayment to the taxpayer so paying, upon the taxes next legally levied and payable into the State treasury subsequent to the determination of any such litigation. L.1941, c. 291, p. 790, s. 49.

N.J. Stat. § 54:29A-50 Payments pending litigation; distribution

Notwithstanding any law prohibiting the distribution of money received by the treasurer in payment of railroad taxes during the pendency of a proceeding in lieu of prerogative writ involving the legality of such taxes, any money received by the treasurer under the provisions of section forty-nine of this act may be forthwith apportioned and disbursed by the treasurer to the agencies which would be entitled thereto if no such proceeding were pending. L.1941, c. 291, p. 790, s. 50. Amended by L.1953, c. 51, p. 921, s. 130.

N.J. Stat. § 54:29A-51 Extension of time

The commissioner, for good and sufficient cause, may grant reasonable extensions of time for the filing of returns required by this act on such terms as he may consider advisable. L.1941, c. 291, p. 790, s. 51.

N.J. Stat. § 54:29A-52 Penalties

If any taxpayer shall willfully neglect to make returns as required by this act, the taxpayer shall forfeit as a penalty not exceeding ten thousand dollars ($10,000.00) for each offense to be assessed by a jury. The penalty shall be recovered by a civil action in the Superior Court, brought in the name of the State, and shall be paid into the State treasury. The commissioner shall certify any such default to the Attorney-General, who shall prosecute the action for the penalty. L.1941, c. 291, p. 790, s. 52. Amended by L.1953, c. 51, p. 921, s. 131.

N.J. Stat. § 54:29A-53 Interest

Taxes heretofore imposed pursuant to any law for the taxation of property used for railroad and canal purposes or hereafter imposed pursuant to this act, or any unpaid portion thereof, shall bear interest from and after the date upon which they became or may become due and delinquent at the rate as provided in the State Tax Uniform Procedure Law, subtitle 9 of Title 54 of the Revised Statutes, notwithstanding the prosecution of any action or proceeding, including a proceeding in lieu of prerogative writ. L.1941, c. 291, p. 791, s. 53. Amended by L.1953, c. 51, p. 921, s. 132; L.1975, c. 177, s. 30, eff. Aug. 4, 1975.

N.J. Stat. § 54:29A-54 Lien of taxes

The taxes imposed by this act or heretofore imposed pursuant to any act for the taxation of property used for railroad and canal purposes shall be and remain a lien paramount to all other liens upon the revenues and all the real and personal property owned, used or controlled by the taxpayer within this State. The lien shall take effect as of the first day of the year in which the tax is payable. L.1941, c. 291, p. 791, s. 54.

N.J. Stat. § 54:29A-55 Tax a debt; preference

The taxes imposed by this act or heretofore imposed shall be and remain a debt due from the taxpayer to the State for which an action may be maintained, and shall be a preferred debt in case of insolvency. L.1941, c. 291, p. 791, s. 55. Amended by L.1953, c. 51, p. 922, s. 133.

N.J. Stat. § 54:29A-56 Collection not to be stayed

The payment or collection of taxes heretofore or hereafter assessed to any taxpayer shall not be stayed by the writ or order of any court, except as otherwise provided in section thirty-eight of this act. L.1941, c. 291, p. 791, s. 56.

N.J. Stat. § 54:29A-57 Additional remedy; certificate that taxpayer is indebted, under act for taxation of railroads; entry

As an additional or alternative remedy, the State Comptroller may issue a certificate to the Clerk of the Superior Court that a taxpayer is indebted under this or any former act for the taxation of railroads in such an amount as shall be named in such certificate, and thereupon the clerk to whom such certificate shall have been issued shall immediately enter upon his record of docketed judgments the name of such taxpayer, and of the State, the amount of the debt so certified, a short name of the tax, and the date of making such entries. The making of the entries shall have the same force and effect as the entry of a docketed judgment in the office of such clerk, and the State Comptroller shall have all of the remedies and may take all of the proceedings for the collection thereof which may be had or taken upon the recovery of a judgment in a civil action, but without prejudice to the taxpayer's right of appeal. L.1941, c. 291, p. 792, s. 57. Amended by L.1953, c. 51, p. 922, s. 134.

N.J. Stat. § 54:29A-58 Action to enforce lien

In any case, where there has been a refusal or neglect to pay any tax heretofore or hereafter assessed to any taxpayer under this or any other act, and it has become necessary to seize and sell property and rights to property, whether real or personal, to satisfy the same, the Attorney-General at the request of the State Comptroller may institute an action in the Superior Court to enforce the lien of the State for the tax upon any property and rights to property, whether real or personal, or to subject any such property and rights to property owned by the delinquent taxpayer or in which it has any right, title, or interest, to the payment of such tax. L.1941, c. 291, p. 792, s. 58. Amended by L.1953, c. 51, p. 922, s. 135.

N.J. Stat. § 54:29A-59 Parties to proceedings

All persons having liens upon or claiming any interest in the property or rights to property sought to be subjected as aforesaid shall be made parties to such proceedings and be brought into court. L.1941, c. 291, p. 792, s. 59.

N.J. Stat. § 54:29A-60 Determination of rights; direction of sale

The court shall in the action finally determine the merits of all claims to and liens upon the property and rights to property in question, and, in all cases where a claim or interest of the State therein is established, may direct a sale of such property and rights to property, by the proper officer of the court, and a distribution of the proceeds of such sale according to the findings of the court in respect to the interests of the parties and of the State. L.1941, c. 291, p. 793, s. 60. Amended by L.1953, c. 51, p. 923, s. 136.

N.J. Stat. § 54:29A-61 Receivership

In any such proceeding, at the instance of the Attorney-General, the court may appoint a receiver to enforce the lien, or, upon certification by the State Comptroller during the pendency of such proceedings that it is in the public interest, may appoint a receiver with all the powers of a receiver in equity. L.1941, c. 291, p. 793, s. 61.

N.J. Stat. § 54:29A-62 Rules and regulations

The commissioner is hereby authorized and empowered to interpret and carry into effect the provisions of this act and in pursuance thereof to make and enforce such rules and regulations as he may deem necessary. L.1941, c. 291, p. 793, s. 62.

N.J. Stat. § 54:29A-63 Audits and investigations

For the purpose of administering this act, the commissioner, whenever he deems it expedient, may make or cause to be made by an employee of the State Tax Department, engaged in the administration of this act, an audit, examination, or investigation of the books, records, papers, vouchers, accounts, and documents of any taxpayer, and also field surveys, inspections and examinations of all lands and physical property. It shall be the duty of every taxpayer and of every director, officer, agent or employee of every taxpayer to exhibit to the commissioner or to any such employee of the State Tax Department all such books, records, papers, vouchers, accounts, and documents of the taxpayer and to facilitate any such audit, examination, field examination or investigation so far as it may be in its or their power so to do. It shall be lawful for the commissioner, or any employee in the State Tax Department by him thereunto designated to take the oath of any person signing any application, deposition, statement, or report required by the commissioner in the administration of this act. If any returns are not made, the commissioner shall ascertain the necessary facts from the best information he can obtain and in such manner as he may find convenient, using his personal knowledge and judgment. L.1941, c. 291, p. 794, s. 63.

N.J. Stat. § 54:29A-64 Hearings; oaths

The commissioner, or any employee of the State Tax Department he may designate, may conduct hearings, administer oaths to, and examine under oath, any taxpayer and the directors, officers, agents, and employees of any taxpayer and as well all other witnesses relative to the liability of the taxpayer for any taxes pursuant to the provisions of this act. L.1941, c. 291, p. 794, s. 64.

N.J. Stat. § 54:29A-65 Subpoenas

The commissioner may issue subpoenas to compel the attendance of witnesses and the production of books and papers. He shall have power to administer oaths to ascertain facts to enable him properly to perform his duties, and may reduce the statements of the person sworn to writing and require him to swear and subscribe thereto. The commissioner may, ex parte, apply for and obtain from the Superior Court an order to compel a person to submit to examination in reference to such matters. L.1941, c. 291, p. 794, s. 65. Amended by L.1953, c. 51, p. 923, s. 137.

N.J. Stat. § 54:29A-66 Employment of technical assistants

In order to obtain the facts necessary for the discharge of his duties under this act, the commissioner may use such lawful means as he may deem necessary. He may employ such assistants in making his valuations as may be necessary to complete them in due time. All such persons, whose compensation is not fixed by statute or otherwise determinable by authority of law, shall be paid such reasonable compensation as may be fixed by the commissioner with the approval of the Governor, and within the limits of appropriations available therefor. L.1941, c. 291, p. 795, s. 66.

N.J. Stat. § 54:29A-67 Personal knowledge of commissioner

The commissioner, and any person delegated by him to value and assess property in railroad use, shall be entitled to use his personal knowledge and judgment as to the value of any property which he is required to assess, upon original assessment or upon review thereof. L.1941, c. 291, p. 795, s. 67. Amended by L.1948, c. 40, p. 123, s. 16.

N.J. Stat. § 54:29A-68 Attendance of Attorney-General

The Attorney-General shall attend the hearings of the State Tax Commissioner in person or by such deputy as he may appoint for that purpose. L.1941, c. 291, p. 795, s. 68.

N.J. Stat. § 54:29A-69 Employment of assistant counsel

The Attorney-General may, with the approval of the Governor and Comptroller, employ such assistant attorneys or counsel as may be necessary to protect and properly defend the interest of the State, in carrying out the provisions of this act. All such persons, whose compensation is not fixed by statute or otherwise determinable by authority of law, shall be paid such compensation by the State as the Attorney-General and the Comptroller shall approve, within the limits of appropriations available therefor. L.1941, c. 291, p. 795, s. 69.

N.J. Stat. § 54:29A-70 Criminal penalties

Any person who shall fail to file any report required to be filed pursuant to the provisions of this act, or shall file or cause to be filed with the commissioner any false or fraudulent report or statement, or shall aid or abet another in the filing with the commissioner of any false or fraudulent report or statement, with the intent to defraud the State or evade the payment of any tax, fee, penalty or interest or any part thereof, which shall be due pursuant to the provisions of this act, shall be guilty of a misdemeanor and, upon conviction, shall be fined not to exceed one thousand dollars ($1,000.00) or be imprisoned not to exceed three years, or both, at the discretion of the court. L.1941, c. 291, p. 795, s. 70.

N.J. Stat. § 54:29A-71 False swearing

Any person who shall swear to, affirm, or verify any false or fraudulent statement with intent to evade the payment of any tax or who being under oath, shall testify falsely at any hearing held pursuant to the provisions of this act shall be guilty of perjury. L.1941, c. 291, p. 796, s. 71.

N.J. Stat. § 54:29A-72 Offenses committed at Trenton

The failure to do any act required to be done by, or under the provisions of, this act shall be deemed an act committed in part at the office of the commissioner in Trenton. The certificate of the commissioner to the effect that any act required to be done by, or under the provisions of, this act has not been done, shall be prima facie evidence that such act has not been done. L.1941, c. 291, p. 796, s. 72.

N.J. Stat. § 54:29A-73 Payment and returns for 1941

The commissioner is hereby authorized and required to accept, without interest or penalty, returns of information and payments of taxes for the first year in which this act is operative within the times specifically limited therefor, or at any time within thirty days after the effective date of this act, whichever date is later. In the first year for which this act is operative, valuations made by the commissioner for that year under chapters nineteen through twenty-nine, inclusive, of Title 54 of the Revised Statutes shall constitute the basis of property assessments under this act. Nothing in this section shall be construed to relieve any taxpayer of any requirement of payment or collection of taxes other than by temporary extension of time necessitated by the enactment hereof, after the respective dates for action required hereunder; provided, however, that, for the purpose of adjusting the taxes levied for the year one thousand nine hundred and forty-one in accordance with the provisions of this amendatory act, the commissioner is hereby directed to recompute and relevy, in accordance with the provisions of this amendatory act, the franchise tax for the year one thousand nine hundred and forty-one against each railroad system, or railroad not part of a system. Said recomputation and relevy of the franchise tax shall be made by the commissioner within fifteen days after the effective date of this amendatory act, and within five days thereafter he shall (1) serve upon each taxpayer a statement of the total amount of franchise tax payable under said recomputation and relevy, setting forth the manner of computation thereof; and (2) report and certify all such recomputed and relevied assessments and the statements thereof to the State Comptroller. The several statements of the franchise tax so recomputed and relevied shall be recorded in books kept in the office of the State Comptroller to be provided by him for that purpose and shall be public records open to public inspection; and such record of such recomputed and relevied franchise taxes shall constitute the final assessment of franchise taxes payable by each taxpayer for the year one thousand nine hundred and forty-one. The State Treasurer and State Comptroller are directed to credit against the amount of franchise tax for the year one thousand nine hundred and forty-one so recomputed and relevied by the State Tax Commissioner, the full amount of franchise tax which may have been heretofore paid by any railroad system or railroad not part of a system pursuant to the provisions of the act of which this act is amendatory or of any act amendatory thereof or supplemental thereto, and if the amount of any such franchise tax so heretofore paid shall exceed the amount of the franchise tax so recomputed and relevied by the commissioner pursuant to the provisions of this amendatory act, the excess shall be credited upon the tax next legally levied against and payable by such railroad system or railroad not part of a system. One-half the receipts from the franchise tax for one thousand nine hundred and forty-one as recomputed and relevied hereunder shall be by the State Comptroller allotted to and paid over to the taxing districts in the proportion prescribed in section twenty-four-a of the act hereby amended; and the Comptroller shall transmit to each county treasurer a certificate showing the amounts so allotted to the taxing districts therein, and shall, on or before the tenth day following the date upon which said franchise taxes so recomputed and relevied for one thousand nine hundred and forty-one are payable, draw and transmit his warrant upon the State treasury in favor of the several county treasurers, for the amounts so allotted to their several counties. Each county treasurer shall forthwith pay to the collector or other proper officer of each taxing district the amount so allotted thereto. The amount thus paid to the county and taxing district shall be at the disposal of the proper authorities for public purposes. Nothing in this amendatory act, or in the act hereby amended, shall be construed to deprive any interested party of the right of review of said relevied franchise taxes in the manner now provided by law. L.1941, c. 291, p. 796, s. 73. Amended by L.1942, c. 169, p. 516, s. 4.

N.J. Stat. § 54:29A-74 Construction; other taxes

All other State and local taxes of or upon franchises or property used for railroad purposes, which may have been assessed for the first year in which this act becomes effective upon any taxpayer subject to taxation hereunder prior to the enactment of this act, shall abate and be canceled of record as of the effective date hereof. This act shall be construed as a revision of chapters nineteen through twenty-nine, inclusive, of Title 54 of the Revised Statutes, and nothing herein shall be construed to affect any pending litigation, nor to repeal, abate, cancel, cause to lapse or otherwise affect in any manner any assessment or the lien or obligation to pay any taxes heretofore assessed to any taxpayer, or the legal authority to collect taxes, interest and penalties which have accrued under any provision of law repealed by this act, or under any other law, except as specifically provided in this act, (or to affect the right of the State Tax Commissioner to assess omitted property, and apportion the tax so assessed, for any year prior to one thousand nine hundred and forty-one, according to the classifications and at the rates prescribed in the chapters aforesaid.) Nor shall this act affect in any manner any distribution allotment or apportionment of tax receipts made or required to be made under any provision of law repealed by this act. L.1941, c. 291, p. 797, s. 74. Amended by L.1942, c. 169, p. 518, s. 5.

N.J. Stat. § 54:29A-74.1 Construction; in lieu of all other taxes

The taxes imposed by this act shall be in lieu of all other State and local taxation of or upon franchise and property used for railroad purposes. Nothing herein shall, however, be construed to affect any pending litigation, nor to repeal, abate, cancel, cause to lapse or otherwise affect in any manner any assessment or the lien or obligation to pay any taxes heretofore assessed to any taxpayer, or the local authority to collect taxes, interest and penalties which have heretofore accrued under the act to which this act is amendatory and supplementary, or under any other law, or to affect the authority of the commissioner to assess omitted property, and to apportion the tax so assessed for any year prior to the year one thousand nine hundred and forty-eight according to the classifications and at the rates then in effect. L.1948, c. 40, p. 123, s. 17.

N.J. Stat. § 54:29A-74.2 Repeal

An act relating to taxation, supplementing chapter four of Title 54, and amending section 54:4-52 of the Revised Statutes, approved July twenty-second, one thousand nine hundred and forty-one (L.1941, c. 293), is repealed. L.1948, c. 40, p. 124, s. 18.

N.J. Stat. § 54:29A-75 Repealers

Chapters nineteen through twenty-nine, inclusive, of Title 54 of the Revised Statutes are hereby repealed. Chapter 91, of the laws of 1885; Chapter 275, of the laws of 1886; Chapter 333, of the laws of 1921; and Chapter 423, of the laws of 1933; are hereby repealed. L.1941, c. 291, p. 798, s. 75.

N.J. Stat. § 54:29A-76 Warrants for distribution of railroad franchise tax

The State Comptroller shall not draw and transmit his warrant upon the State treasury, in favor of the several county treasurers, for the amounts of the railroad franchise tax allotted to their several counties for any year before the day following the date upon which such franchise tax shall be due and delinquent. L.1942, c. 3, p. 21, s. 1.

N.J. Stat. § 54:29A-77 Release of property from lien

The State Comptroller upon written application made to him and upon the payment of a fee of $5.00, may release any property from the lien of any tax, interest or penalty imposed by this act or of any certificate, judgment or levy procured by him; provided, payment be made to the State Comptroller of such sum as he shall deem adequate consideration for such release or deposit be made of such security or such bond be filed as the State Comptroller shall deem proper to secure payment of any debt evidenced by any such tax, interest, penalty, certificate, judgment or levy, the lien of which is sought to be released, or provided the State Comptroller is satisfied that payment of the tax is otherwise provided for. The application for such release shall be in such form as shall be prescribed by the State Comptroller and shall contain an accurate description of the property to be released together with such other information as the State Comptroller may require. Such release shall be given under the seal of the State Comptroller, and may be recorded in any office in which conveyances of real estate may be recorded. L.1963, c. 25, s. 1, eff. May 8, 1963.

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