N.J. Admin. Code § 7:27E-1.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 7:27E-1.3 - Adjustment of fees

(a) The Department will increase the fees at N.J.A.C. 7:27E-2.2 and 3.3, in accordance with the schedule at Table 1 below.

1. Every five years, the fees shall be adjusted by the previous five-year cumulative inflation factor, rounded down to the next five-dollar increment. The Consumer Price Index, which is used to calculate the five-year cumulative inflation factor, shall be calculated using the Annual Average from the Annual Average Consumer Price Index, for All Urban Consumers (CPI-U): U.S. City Average, all items, index averages. This data is published annually by the U.S. Department of Labor and is available at http://www.bls.gov/cpi/tables/supplemental-files/home.htm.

2. The Recent CPI-U shall equal the most currently published Annual Average CPI-U before January 1 of the next five-year period at Table 1. The Base CPI-U shall equal the Annual Average CPI-U for the fifth year prior to the Recent CPI-U.

Table 1

Five-Year Period	Base CPI-U	Recent CPI-U
June 21, 2022 through December 31, 2025	N/A	2019 Annual Average
January 1, 2026 through December 31, 2030	2019 Annual Average	2024 Annual Average
January 1, 2031 through December 31, 2035	2024 Annual Average	2029 Annual Average

The first period begins on June 21, 2022, and is less than five full calendar years.

3. If the inflation factor is a negative number, the fee shall remain unchanged.

4. The Department will publish a notice of administrative change announcing the adjustment and the amount of the adjusted fees in the New Jersey Register.

5. The adjusted fees shall be operative starting the first day of each five-year period stated at Table 1 above.

N.J. Admin. Code § 7:27E-1.3

Adopted by 54 N.J.R. 1018(a), effective 6/6/2022