ASSEMBLY GIVES FINAL LEGISLATIVE APPROVAL TO KEY ECONOMIC MEASURES

ASSEMBLY GIVES FINAL LEGISLATIVE APPROVAL TO KEY ECONOMIC MEASURES

(TRENTON) – The Assembly today gave final legislative approval to several measures aimed at helping homeowners and businesses emerge stronger from the global economic crisis and promote environmentally friendly jobs.

The Assembly has advanced about 40 legislative measures since September to help the state withstand financial uncertainty, including several that have already become law to help the vulnerable and boost New Jersey businesses.

Bills that received final legislative approval today would:

• Help homeowners avoid foreclosures.

• Further revamp business taxes to continue boosting New Jersey businesses. • Make loans and guarantees available to small and mid-sized businesses.

• Help governments save money on energy while improving energy infrastructure.

The Assembly voted 77-0 to give final legislative approval to a measure (A-2722) that would eliminate a provision that increases a corporation’s entire net income that is taxable by New Jersey.

The change creates a more accurate tax payment. It’s sponsored by Assemblymen Joseph Vas (D-Middlesex), Lou Greenwald (D-Camden) and Albert Coutinho (D-Essex).

It voted 70-5 to give final legislative approval to a bill (A-2720) that would give many Urban Enterprise Zone businesses sales tax exemptions on purchases. Current law requires such businesses to pay the sales tax and then apply for a state refund.

The bill also is sponsored by Vas, Assemblyman John Burzichelli (D-Gloucester) and Assemblywomen Nellie Pou (D-Passaic) and Elease Evans (D-Passaic).

“Making this change will help businesses retain access to more of their money and will help encourage economic growth in the private sector,” Vas said.

It voted 59-17 to give final legislative approval to a bill (A-3377) that would provide $50 million to establish the Main Street Business Assistance Program to make loans and loan guarantees available to small and mid-size businesses.

The sponsors - Assemblymen Gary Schaer (D-Passaic), Jack Conners (D-Burlington/Camden) and Douglas H. Fisher (D-Cumberland) and Assemblywoman L. Grace Spencer (D-Essex) - said the measure will help stimulate the state economy and spur community investment.

“This program will be vital to the countless small businesses we need to drive New Jersey’s economy forward and to grow new jobs and investment opportunities,” Schaer said.”

The Assembly also approved a measure (A-3506) that would provide assistance for homeowners facing foreclosure. It’s sponsored by Assembly Majority Leader Bonnie Watson Coleman (D-Mercer) and Assemblymen Gerald Green (D-Union) and Ralph Caputo (D-Essex). It was approved 49-28. It requires further Senate consideration.

“New Jersey’s deepening mortgage crisis makes it imperative that we provide direct assistance to ensure families can stay in their homes and out of foreclosure,” Watson Coleman said.

According to RealtyTrac, foreclosure activity in New Jersey in October increased 75 percent over last year. The state’s rate of one foreclosure for every 410 homes ranked eighth nationally. October’s figures marked a nearly 11 percent increase in foreclosure activity from September.

“As the number of New Jersey homeowners facing foreclosure increases, so must our vigilance to provide a means for these families to keep their homes,” said Green (D-Union).

The bill would establish a $25 million Mortgage Stabilization Fund in the New Jersey Housing and Mortgage Finance Agency (HMFA) to provide loans of up to $25,000 to homeowners and lenders willing to refinance a first mortgage in danger of foreclosure. The measure also would create a $15 million Housing Assistance and Recovery Program Support Fund within HMFA to assist foreclosure prevention and counseling groups.

The sponsors noted a provision that would require banks to maintain foreclosed homes to prevent against neighborhoods becoming blighted.

“It would be a failure of leadership to sit idly by and let entire neighborhoods fall overboard,,” Caputo said.

The Assembly also voted 74-0 to give final legislative approval to a bill (A-1185) that would authorize state, county and municipal governments and school boards to more easily implement energy savings-improvement programs.

It’s sponsored by Assemblywomen Sheila Oliver (D-Essex) and Pamela R. Lampitt (D-Camden) and Assemblyman Upendra Chivukula (D-Somerset).

“Even the best-laid plans to replace outdated and energy-inefficient heating, air-conditioning or other large capital expenditures can go by the wayside because of tremendous upfront costs,” Oliver said.

The measure would allow the state, counties, municipalities, school districts, independent authorities and public colleges and universities to benefit from the acquisition of new, efficient heating, ventilation and air conditioning equipment without the need for upfront spending.

The bill could act as a catalyst to promote and sustain environmentally friendly jobs, or green jobs.

“As the annual energy savings from these programs grow, more and more buildings can be rehabilitated to make them cost-efficient and make their operation less costly to taxpayers,” Lampitt said.

“Investing in energy savings is an important way for us to protect the environment while simultaneously safeguarding taxpayer money,” Chivukula said. The bill was also set for Senate consideration today.

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