16. a. The Department of the Treasury shall establish a dedicated, nonlapsing account for the purpose of providing property tax benefits to homestead owners 65 years of age or older. All moneys deposited into the account shall be used for the payment of property tax benefits in accordance with subsection c. of this section.
b. (1) There is appropriated to the account established by subsection a. of this section in State Fiscal Year 2024, $100,000,000 for the purpose of providing property tax benefits in accordance with subsection c. of this section, subject to the approval of the Director of the Division of Budgeting and Accounting in the Department of the Treasury.
(2) The annual appropriations act for State Fiscal Year 2025 shall include an appropriation to the account established by subsection a. of this section in an amount not to exceed $200,000,000 for the purpose of providing property tax benefits in accordance with subsection c. of this section.
(3) The annual appropriations act for State Fiscal Year 2026 shall include an appropriation to the account established by subsection a. of this section in an amount not to exceed $300,000,000 for the purpose of providing property tax benefits in accordance with subsection c. of this section.
c. Beginning in State Fiscal Year 2026, moneys in the account established by subsection a. of this section shall be appropriated solely for the Stay NJ property tax credit program established pursuant to section 3 of P.L.2023, c.75 (C.54:4-8.75c).