New Jersey § 54:4-3
Full text of New Jersey New Jersey Statutes § 54:4-3, with citation guidance and answers to common questions.
§ 54:4-3.
The provisions of section R.S. 54:4-3.6 shall not be construed to disallow a college, school, academy, or seminary which
is accorded exemption from taxation as a nonprofit organization under the section
from leasing a building or a portion thereof, or a portion of its property which is
regularly utilized for tax exempt purposes, to an organization or business during
seasonal periods when such building or property is not being utilized by the college,
school, academy or seminary in furtherance of tax exempt purposes, provided that: a. The income derived from the lessee of such building or property is expended in
furtherance of the organization's exempt purpose or purposes; b. The income received from the lease transaction is not primarily a profit seeking
transaction, but remains a “de minimis” operation not materially affecting the overall
pursuit of the tax exempt organization's principal purpose; and c. No lease under the provisions of this section shall be of a duration for a period
of more than 4 consecutive months.
Frequently Asked Questions About New Jersey § 54:4-3
What does New Jersey Statutes § 54:4-3 cover?
Section 54:4-3 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 54:4-3?
A common citation format is "New Jersey Statutes § 54:4-3" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 54:4-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.