Tuesday, June 16, 2009

N.J. Bill Giving Developers Tax Breaks Criticized For Not Doing Enough, Moving Too Fast

A broad piece of legislation that Democrats are touting as economic stimulus is on the fast track with the new state budget this month, but critics aren't convinced it should be moving so quickly.
The bill, introduced less than a week ago, is scheduled for consideration by the full Assembly along with the new state budget during tomorrow's voting session. And similar to the federal government's omnibus stimulus initiative from earlier this year, the state's effort seeks economic development in a number of places. Developers would get tax breaks for building near transit hubs in nine urban areas. The bill also could provide new revenue for cities such as Camden, Newark and Trenton by allowing new taxes on airport car rentals and arena parking areas. Read full article from Star Ledger here.

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