ASSEMBLY TO CONSIDER NEARLY 30 BILLS TO HELP N.J. EMERGE STRONG FROM GLOBAL ECONOMIC STORM

ASSEMBLY TO CONSIDER NEARLY 30 BILLS TO HELP N.J. EMERGE STRONG FROM GLOBAL ECONOMIC STORM

Sweeping Package will Bring Property Tax Relief, Help Homeowners, Promote Jobs, Protect Consumers, Boost Small Businesses, Assist the Poor

(TRENTON) – The Assembly on Monday will continue its focus on the global economic crisis by considering nearly 30 bills to help hard-working New Jerseyans and the small businesses that employ them emerge strong from the worldwide financial meltdown.

Monday’s bills would:

• Create and retain jobs by revamping small business taxes and enhancing business grants and incentives.

• Help prevent home foreclosures.

• Assist the poor and disabled and senior citizens pay winter fuel bills and obtain food.

• Bring new consumer protections against securities fraud.

• Promote savings and new jobs through alternative energy.

• Boost property tax relief. Monday’s session follows Oct. 6 and Oct. 23 Assembly committee hearings focused solely on the economy and September Assembly approval of a bill package to make New Jersey’s business climate more competitive against neighboring states.

In all, 40 measures related to the economy have been considered by the Assembly over the past six weeks.

“This crisis is a global problem, but we’re helping New Jersey emerge from this storm in a stronger position,” said Assembly Speaker Joseph J. Roberts, Jr. (D-Camden). “The Assembly’s ongoing focus means we’re positioned to swiftly help hard-working New Jerseyans and the small businesses that employ them.”

The voting session is scheduled to begin at 1 p.m.

It will involve bills to help with:

PROPERTY TAX RELIEF, including:

• A3376, which would increase to $80,000 over three years income eligibility for the senior freeze property tax reimbursement program. It’s sponsored by Assemblyman Paul D. Moriarty (D-Gloucester) and Assemblywoman Joan M. Voss (D-Bergen), and Assemblywoman Linda Greenstein (D-Middlesex/Mercer).

• A2853, which would permit state aid to fund startup costs for local shared services. It’s sponsored by Roberts and Assemblymen Frederick Scalera (D-Essex) and Herb Conaway (D-Burlington/Camden).

FORECLOSURES:

• A3293, which would exempt sales of homes to nonprofit housing programs from realty transfer fees. Under the programs, a nonprofit such as a church partners with a bank to help homeowners facing foreclosure. The nonprofit buys the property, then leases it to the original homeowner at an affordable cost. The goal is to resell the property back to the original homeowner within seven years. The bill is sponsored by Assembly Majority Leader Bonnie Watson Coleman, (D-Mercer) and Assemblywoman L. Grace Spencer (D-Essex).

BOOSTING SMALL BUSINESSES, including:

• A2722, which would reshape how certain corporate sales made in other states are taxed and eliminate a provision that increases a corporation’s entire net income that is taxable by New Jersey, creating a more accurate tax payment to the state It’s sponsored by Vas, Greenwald and Assemblyman Albert Coutinho (D-Essex).

• A3124, which would enable businesses to write-down net operating losses for up to 20 tax years, as opposed to the currently allowed seven years. The bill would put New Jersey in line with neighboring states and help businesses recoup losses. It’s sponsored by Greenwald, Vas, Assemblyman John F. McKeon (D-Essex) and Assemblywoman Nellie Pou (D-Passaic).

• A3377, which would appropriate $50 million to the New Jersey Economic Development Authority for the Main Street program, which promotes the historic and economic redevelopment of traditional business districts in New Jersey. It’s sponsored by Assemblymen Gary S. Schaer (D-Passaic) and Douglas H. Fisher (D-Cumberland).

GREEN JOBS, including:

• A1558, which would require developers in certain new construction to offer solar energy systems. It’s sponsored by Assemblywoman Pamela R. Lampitt (D-Camden), Greenstein and Watson Coleman.

• A2550, which would permit wind and solar facilities in industrial zones. It’s sponsored by Lampitt, Assemblyman Upendra Chivukula (D-Somerset) and Assemblywoman Connie Wagner (D-Bergen).

SOCIAL NEEDS, including:

• A2513, which would allow for voluntary income tax returns contributions by taxpayers to a community food bank fund. It’s sponsored by Assemblymen Gordon Johnson (D-Bergen) and Wayne P. DeAngelo (D-Mercer).

• A3101, which permit counties to create homelessness trust funds and mandates a statewide homeless census and homeless strategic plan. It’s sponsored by Watson Coleman and Assemblywoman Nilsa Cruz-Perez (D-Camden).

• A3374, which would provide $10 million for utility bill assistance, $3 million for food banks and $9.5 million for legal aid assistance. It’s sponsored by Wagner and Assemblyman John Burzichelli (D-Gloucester).

• ACR103, which would urge Congress to set aside housing choice vouchers for homeless veterans. It’s sponsored by Assemblyman Jack Conners (D-Burlington/Camden), Assemblywoman Elease Evans (D-Passaic) and Cruz-Perez.

CONSUMER PROTECTIONS, including:

• A1814, which would require notice to primary and secondary borrowers before a motor vehicle is repossessed. It’s sponsored by Albano and Milam.

• A2265, which would require registration of investment advisers who have five or fewer clients. It’s sponsored by Assemblyman Vincent Prieto (D-Hudson), Assemblywoman Caridad Rodriguez (D-Hudson), Johnson and Voss.

• A2316, which would require a creditor to provide mortgage payoff balance to borrower within five business days of request. It’s sponsored by Assemblymen Patrick J. Diegnan and Joseph V. Egan, (both D-Middlesex).

• A3329, which would allow for state regulation of variable annuities. It’s sponsored by Greenstein, DeAngelo, Burzichelli and Evans.

• A3354, which would provide additional securities fraud penalties. It’s sponsored by Watson Coleman, DeAngelo, Albano, Milam and Greenstein.

• A3366, which would increase the statute of limitations and provides treble damages for securities law violations. It’s sponsored by Assemblywoman Joan M. Quigley, (D-Hudson), Albano, Milam, Schaer and Spencer.

• A3367, which would clarify that the state securities bureau chief has authority to assess civil penalties. It’s sponsored by Assemblyman Thomas Giblin, (D-Essex), Albano, Milam, Scalera and Fisher.

• AR156, which would urge federal authorities to vigorously enforce laws and regulations governing financial institutions. It’s sponsored by Albano and Milam.