N.J.A.C. 18:22-7.2 - Purpose of the Act

(a) The purpose of the Act is to:

1. Provide a complete system and method for the taxation of sewerage and water corporations using or occupying the public streets, highways, roads, or other public places;

2. Exempt from taxation, other than the tax imposed by the Act, the franchise, stock, and certain property of such corporations;

3. Provide for the taxation of the property of such corporations not exempt from taxation; and

4. Provide for the reimbursement to the State of certain costs and expenses incurred in the imposition and apportionment of the taxes.