N.J.S.A. § 54:4-8.75j — Erroneous property tax credit payment, failure to return, interest; installment agreement; deficiency

10. a. Except as provided in subsection b. of this section, a person who receives a Stay NJ property tax credit otherwise authorized under this act but which has been paid in error and which is recoverable by the director, and fails to return the payment within 45 days of receiving notice from the director that such payment was erroneous, shall pay, in addition to the amount of the erroneous credit, interest at the rate prescribed in R.S.54:49-3, assessed for each month or fraction thereof, compounded annually at the end of each year, from the date next following the 45th day after receiving the notice from the director that such payment was erroneous until the date of the return of the erroneous payment.

b. A person who is 65 years of age or older at the close of the tax year or who is allowed to claim a personal deduction as a blind or disabled taxpayer pursuant to subsection b. of N.J.S.54A:3-1, who receives notice from the director pursuant to this section, shall within 45 days after receiving that notice be permitted to enter into an installment payment agreement for a reasonable period of time that will enable the person to completely satisfy the amount paid in effort and without the assessment of interest thereon.

c. Except as an installment payment agreement permitted pursuant to subsection b. of this section, a Stay NJ property tax credit paid as a result of misrepresentation or paid in error and any penalties and interest imposed thereon by this act shall be payable to and recoverable by the director in the same manner as a deficiency with respect to the payment of State tax in accordance with the State Uniform Tax Procedure Law, R.S.54:48-1 et seq.

L.2023, c.75, s.10; amended 2024, c.88, s.6.