PolitickerNJ Wire Feed
(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
Newark mayor's race: pro-Jeffries independent expenditure group shows donations of $1.3 million, Wall Street ties in ELEC reportNEWARK - Newark First, the independent expenditure group that supports Newark mayoral candidate Shavar Jeffries in the run-up to the May 13 municipal election, has been on the attack lately against Jeffries'...
By HAYTHAM YOUNES As the May 13th election for Paterson officials nears, I've noticed a lot of candidates running using slogans and empty promises as if they weren't around watching Paterson get to where it's at today. I think it's important that... Read More >
"You know what? I'm still Vinny Prieto. I'm still the same guy. This is always a great event — to see people, to talk about business, to hear about issues and concerns." - Assembly Speaker Vinny Prieto (D-32).- The Star-Ledger
Press releases are submitted by PolitickerNJ users, not by staff. They do not represent the viewpoint of PolitickerNJ.com.