Governor Murphy signed into law S-1893 which allows local governing bodies to establish a charitable fund and permit property tax credits in association with certain donations. The law requires regulations concerning these charitable funds to be promulgated by the New Jersey Departments of Community Affairs, Treasury, Education and Banking and Insurance. To date, regulations have not been finalized. In addition, at the Federal level, the Treasury Department and the IRS have publicized that regulations will be forthcoming addressing the federal tax treatment of contributions made to these local charitable funds. The Borough will provide notification to local taxpayers once the regulations from the various State agencies are made available. We will also relay any information publicized by the Federal Treasury Department or IRS on this subject.