ASSEMBLY APPROVES SWEEPING MEASURES TO HELP N.J. EMERGE STRONG FROM GLOBAL ECONOMIC STORM

ASSEMBLY APPROVES SWEEPING MEASURES TO HELP N.J. EMERGE STRONG FROM GLOBAL ECONOMIC STORM

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

(TRENTON) – The Assembly on Monday continued its focus on the global economic crisis by approving 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 nonprofits 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 approvals follow Oct. 6 and Oct. 23 Assembly committee hearings focused 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 during 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.”

Roberts said he also expects the Assembly to also devote much of its next voting session, scheduled for Nov. 17, to the economy.

The bills would 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), Assemblywoman Sandi Love (D-Camden/Gloucester) and Assemblywoman Linda Greenstein (D-Middlesex/Mercer). It was approved 78-1.

• 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). It was approved 73-5-1.

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). It was approved 76-3.

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 Assemblyman Joseph Vas (D-Middlesex), Greenwald and Assemblyman Albert Coutinho (D-Essex). It was approved 79-0.

• 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). It was approved 79-0.

• 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). It was approved 61-17.

GREEN JOBS, including:

• A843, which would provide for equal opportunity for businesses to apply for certain energy-related incentives and funding. It’s sponsored by Assemblyman Upendra Chivukula (D-Somerset), Greenstein, Assemblywoman Valerie Vainieri-Huttle, (D-Bergen) and Assemblywoman Marcia Karrow (R-Hunterdon). It was approved 79-0.

• A849, which would direct the state Board of Public Utilities to establish certain energy conservation programs. It’s sponsored by Chivukula, Voss and Assemblyman Ruben J. Ramos. (D-Hudson). It was approved 75-1-2.

• 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. It was approved 74-5.

• A2550, which would permit wind and solar facilities in industrial zones. It’s sponsored by Lampitt, Chivukula and Assemblywoman Connie Wagner (D-Bergen). It was approved 58-15-5.

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). It was approved 79-0.

• 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). It was approved 50-28-1.

• 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. It was approved 77-0-2.

• AR165, which would urges the New Jersey Department of Community Affairs to take all administrative steps necessary to increase the annual income eligibility level for receiving assistance under the federal Low-Income Home Energy Assistance Program. The program helps low income households, particularly those with the lowest incomes that pay a high proportion of household income for home energy. It’s sponsored by DeAngelo, Scalera, Assemblywoman Joan M. Quigley (D-Hudson) and Assemblywoman Annette Quijano (D-Hudson). It was approved 78-1.

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. It was approved 50-28-1.

• 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. It was approved 78-0-1.

• 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). It was approved 79-0.

• A3354, which would provide additional securities fraud penalties. It’s sponsored by Watson Coleman, DeAngelo, Albano, Milam and Greenstein. It was approved 79-0.

• 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. It was approved 72-6-1.

• 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. It was approved 79-0.

• AR156, which would urge federal authorities to vigorously enforce laws and regulations governing financial institutions. It’s sponsored by Albano and Milam. It was approved 64-4-12.