The latest version of the proposed revision to the NJ "$150
per partner" fee is available at the NJ Legislature web
site.

statement describing the revision:
http://www.njleg.state.nj.us/2002/Bills/S2000/1770_S1.PDF
pdf
http://www.njleg.state.nj.us/2002/Bills/S2000/1770_S1.HTM
html

text of the substituted bill:
http://www.njleg.state.nj.us/2002/Bills/S2000/1770_U1.PDF
pdf
http://www.njleg.state.nj.us/2002/Bills/S2000/1770_U1.HTM
html

The $150/partner fee will now apply to clubs whose assets at
the end of the tax year are in excess of $35,000/partner.
The exemption is retroactive to tax years beginning on or
after January 1, *2002* and the cut-off limit will be
revised each year based on cost of living changes.

The information I had heard earlier was that the limit would
be $25,000/partner. Of course, total exemption would have
been better.

Thanks once again to those who traveled to Trenton and spoke
at the hearing on this issue and all those who communicated
with their state representatives.

Ira Smilovitz