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S 4728

Establishes the New York state cryptocurrency and blockchain study task force

2025 Regular Session Introduced by Jeremy Cooney and 2 co-sponsors

Redirects 50% of revenues from two $1M+ real-property transfer taxes to the New Jersey Affordable Housing Trust Fund, reducing General Fund receipts accordingly.

SUBSTITUTED BY A3279A
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Bill Summary · S 4728

Summary — S 4728 (Introduced version)

Note on inconsistency: the bill header provided references a New York cryptocurrency task force, but the text of S 4728 (introduced version) and its statutory citations clearly concern New Jersey law — redirecting certain real‑estate transfer fees and taxes to the New Jersey Affordable Housing Trust Fund. This summary addresses the actual bill text supplied (New Jersey real‑property fee/tax redirection). Also: S 4728 was ultimately substituted by A3279A (see Legislative Status).

Purpose

To dedicate half of the state revenues generated by two existing high‑value real‑property transfer levies to the New Jersey Affordable Housing Trust Fund, thereby increasing a stable funding stream for affordable housing programs.

Key provisions

  • Amend state law to require that 50% of the total annual revenues collected from:
    • the additional fee imposed under section 8 of P.L.2004, c.66 (C.46:15‑7.2), and
    • the controlling interest transfer tax imposed under section 3 of P.L.2006, c.33 (C.54:15C‑1) be deposited annually into the New Jersey Affordable Housing Trust Fund (established by section 20 of P.L.1985, c.222 — C.52:27D‑320).
  • Current practice (per the bill) is that these revenues are deposited into the State General Fund; this bill redirects half to the dedicated Trust Fund.
  • Effective date: July 1 following enactment.

Transactions and taxpayers affected

  • The additional fee (C.46:15‑7.2) applies to sellers when a deed recites consideration in excess of $1,000,000 for various property categories (residential, commercial, certain farm property, cooperative units).
  • The controlling interest transfer tax (C.54:15C‑1) applies to sellers of a controlling interest in an entity that owns certain commercial real property where the consideration to acquire the interest exceeds $1,000,000 (covers transfers not processed as deeds).
  • Affected parties: sellers subject to those fees/taxes; state budget allocations (General Fund receipts and Affordable Housing Trust Fund receipts).

Fiscal and policy impacts

  • Generates a dedicated revenue stream for affordable housing programs equal to 50% of these specific transfer‑related revenues; exact dollar impact depends on annual activity in >$1M property transfers.
  • Reduces General Fund receipts by the same amount (50% of those revenues), which could affect other general fund expenditures unless offset.
  • Potentially increases funding stability for statewide affordable housing initiatives and programs administered via the Trust Fund.

Legislative status & history (selected)

  • Introduced: October 20, 2025.
  • Senate actions: passed Senate (April 28, 2025); referred to Assembly/Banks; amended; several procedural actions noted.
  • Substitution: SUBSTITUTED BY A3279A (June 4, 2025) — subsequent action likely proceeds under the Assembly substitute.

Sponsors and related bills

  • Sponsor (per file): Senator James Sanders Jr. (primary); cosponsors Jeremy Cooney and Lea Webb.
  • Related/companion: A5963, A3279 (companion); prior‑session bills S8343, S8136, S1891.

Notes

  • Because S 4728 was substituted by A3279A, the enacted provisions (if any) may differ from this introduced text. The apparent mismatch in jurisdiction labels (New Jersey statutory citations vs. an initial New York title) suggests clerical or metadata errors in the provided header.

Compiled from official sources — confirm details with the bill’s official record.

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