(NUTLEY) - Assemblyman Ralph R. Caputo recently introduced legislation that would help New Jersey municipalities absorb the devastating impact to property tax rates that occurs when a major business pulls up stakes and relocates out of the town or the state.
The "Corporate Disinvestment Property Tax Relief Act" (A-3807) stems in large part from the June 2012 announcement by the drug maker Roche to end their 80-plus year presence in Nutley, a move that cost New Jersey nearly 1,000 jobs and has denied Nutley $9 million in property taxes - almost 10 percent of what the municipality collects annually.
"When a business, like Roche, announces they're moving their U.S. headquarters out of state, the number of potential jobs lost gets all the attention," said Caputo (D-Essex), a Nutley native. "What gets overlooked is the serious financial, property tax impact such moves have on the towns that host these businesses. That needs to change."
To read more, please visit the New Jersey General Assembly Democratic Office Web site.
Majority Press Office
The Port Authority of New York and New Jersey’s inspector general is launching its own investigation into the lane closure controversy on the George Washington Bridge.Read More >
Burlington Dems a lock on CD 3 nominee, other candidates still emerge As names of possible Republican replacements for U.S. Rep. John Runyan (R-3) swirl around GOP circles, so do Democratic congressional hopefuls among their respective party organizations. The Republican-leaning district that comprises Burlington and Ocean counties has yet...
By Christopher Durkin Many New Jersey lawmakers have fought to make it easier to vote. And there has been considerable progress in terms of voter access and information. Voter registration has been made easier, with forms available online that... Read More >
"He can't be trusted to run a toll bridge, how can he be trusted to run a country?" - Assemblyman John Wisniewski (D-19), chair of the Assembly Transportation Committee, on Gov. Chris Christie.- MSNBC
Press releases are submitted by PolitickerNJ users, not by staff. They do not represent the viewpoint of PolitickerNJ.com.