TRENTON – The Assembly is scheduled to vote on the override of Gov. Chris Christie’s veto of a state homebuyer’s tax credit and consider legislation to reform property taxes, and permit advertising on school buses to generate money for schools today.
The session is scheduled to begin at 1 p.m. in the Assembly Chamber in the State House in Trenton. It will be streamed live at http://www.njleg.state.nj.us/media/live_audio.asp.
The state homebuyer tax credit bill (A-1678) passed the Legislature on June 10, but Christie vetoed it on July 23.
The bill would establish a three-year, $100 million New Jersey Homebuyer Tax Credit Program under the New Jersey gross income tax for home purchases made within a year of the bill’s enactment. It passed 67-8 in the Assembly and 38-0 in the Senate.
“The opportunity to kick start New Jersey’s economic recovery was knocking, but Gov. Christie slammed the door in its face,” said Assembly Budget Chairman Lou Greenwald (D-Camden), the bill’s prime sponsor. “This tax credit would have immediately put people back to work, spurred economic activity for businesses and revived our housing market, but we now have a chance to fix this through the veto override.”
When he vetoed the bill, Christie wrote, “… as the analyses from the Department of Treasury and the Office of Legislative Services conclude, the tax credits available under this bill would be completely utilized by homebuyers based on anticipated home sales that will occur this year regardless of this legislation… [it] will only briefly and artificially inflate home sales and consequently does not merit a $100 million revenue loss to the general fund.”
Two property tax reform bills to attack unfunded state mandates that drive up property taxes will also be considered.
The bills would:
- Allow more groups to file complaints against unfunded state mandates (A-3204).
- Save municipalities money by revising master plan re-examination requirements (A-3272).
The Assembly will also vote on legislation (A-1637) to allow ads on school buses to help schools boost revenue. The bill would allow school districts to sell advertising space on the exterior sides of school buses owned or leased by the school district.
A copy of the full Assembly agenda can be found at: http://www.njleg.state.nj.us/legislativepub/legcal.asp
Connect with NJTODAY.NET
Join NJTODAY.NET's free Email List to receive occasional updates delivered right to your email address!