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Legislative Write-up: Senate Session 5/18/15

Wednesday, May 20, 2015   (0 Comments)
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The Senate held a voting session on Monday, May 18 which heard the following bills of interest.

S180 (Whelan/Kyrillos) Provides certain small businesses impacted by Hurricane Sandy a corporation business tax or gross income tax credit for certain reinvestment in shore municipalities. 

This bill establishes a corporation business tax and gross income tax credit for reinvestment in business property made by certain small businesses located in municipalities bordering on the Atlantic Ocean incurred to address unreimbursed damage losses under conditions caused by Hurricane Sandy.  A tax credit may equal that part of a business’ reinvestment that exceeds any compensation payment the business received from insurance companies or other parties for the business property loss, subject to a $100,000 limit.  In order to qualify for a tax credit a business could not have had more than 20 full-time employees or full-time employee equivalents in any month of 2012 and the new business property must be put in service within two years following the effective date of the bill.

Amendment: The amendments clarify that the credit is allowed only if the reinvestment is placed in service within two years following the effective date of the bill.

Result: Amendment Passes in Senate, 2nd Reading in Senate

 

S1002 (Bucco/ Stack) Prohibits residential development fees on reconstruction after natural disastersConcerns residential development fees on reconstruction following natural disasters and amending P.L.2008, c.46.

Result: Passed in Senate

 

S2183 (Gordon, Weinberg) Requires PANYNJ be subject to NY Freedom of Information Law and NJ open public records act.

Result: 2nd Reading in the Senate on concurring with the Governor's recommendation

 

S2454 (Van Drew, Oroho) The bill streamlines responsibilities of Division of Local Government Services and local governments; designated as the Division of Local Government Services Modernization and Local Mandate Relief Act of 2014. 

Result: Passed in Senate

 

S2825 (Sweeney)

Concerns local governments and designates as the Division of Local Government Services Modernization and Local Mandate Relief Act of 2015, and amending and repealing various parts of the statutory law.

As amended, this bill would increase efficiency and transparency in the disbursement of assistance for residents affected by Superstorm Sandy.  The bill requires the Department of Community Affairs to create a timeline setting forth a general estimation of the time in which an applicant can expect to receive assistance through a recovery and rebuilding program, based upon the department's past experience administering funds through recovery and rebuilding programs.  The bill also requires the department to provide personalized timelines to applicants for funding from the Reconstruction, Rehabilitation, Elevation and Mitigation Program (RREM) and Tenant-Based Rental Assistance Program (TBRA) and the Housing and Mortgage Finance Agency to provide personalized timelines to applicants for funding from the Fund for the Restoration of Multifamily Housing (FRM) based upon the applicants' individual applications. 

Result: Passed in Senate

 

SR111 (Holzapfel, Sacco) Urges United States Congress to dedicate additional federal funds for highway maintenance and infrastructure improvements in New Jersey.

A resolution that respectfully urges the United States Congress to dedicate additional federal funds for highway maintenance and infrastructure improvements in New Jersey.

Result: Passed in Senate


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