Lawmakers To Consider Converting Property Tax Rebate Checks To Credits

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TRENTON – Legislation to convert property tax rebate checks into direct tax relief credits, streamline New Jersey corporate laws, direct an investigation into the agency that tried to overcharge New Jerseyans for high school wrestling tournament tickets and to honor New Jersey National Guard members top Monday’s Assembly voting session.

The Assembly session is scheduled to begin at 1 p.m. It will be streamed live at http://www.njleg.state.nj.us/media/live_audio.asp.

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The Assembly will consider legislation to allow the state to convert the state’s inefficient property tax rebate check program into a property tax credit.

The measure (A-1708) aims to mitigate privacy concerns that have slowed efforts to provide property tax relief through a direct credit on the tax bill as opposed to a rebate check. It would allow property tax relief credits to replace the checks as of Jan. 1, 2012.

“The truth is the current rebate program is clunky and expensive and needs to be replaced with a simpler, more rational credit system that actually lowers a homeowner’s tax bill,” said Assemblyman John Burzichelli (D-Gloucester), a sponsor of the bill. “We’re giving them enough time to do it, and believe me, it can be done.”

Also on tap is legislation to streamline New Jersey’s corporate laws to make the state more attractive to businesses.

The bill (A-2420) eliminates the 10-day waiting period for certain shareholder actions not concerning mergers and acquisition activity governed by state law. This 10-day waiting period can create inefficiencies in transactions and delay closings while the notice period runs.

As an example, this type of delay can occur when the certificate of incorporation needs to be amended in connection with a private placement of stock to increase the number of authorized shares or to create a new class of stock.

The bill eliminates that type of delay, and makes New Jersey consistent with Delaware General Corporation Law for shareholder approvals that do not involve mergers and acquisitions.

Also on the agenda is a bill to direct the State Commission of Investigation to look into the finances and operations of the New Jersey Interscholastic Athletic Association and a bill to create a New Jersey Honor Guard Ribbon for the New Jersey National Guard.


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