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Running Legislative Update

Thursday, July 3, 2014   (0 Comments)
Posted by: GFOA of NJ
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Running Legislative Update

On July 4, 2014 the Assembly approved a constitutional amendment, SCR-84/ACR-130, reallocating the current 4 percent dedication of Corporate Business Taxes (CBT) for environmental purposes and subsequently increasing the amount to 6 percent in perpetuity. The dedication will predominantly be used for open space preservation. The measure will be on the ballot this November.

S-579/A-1583, which authorize a county, county utilities authority, municipality, or municipal utilities authority, that holds a combined sewer systems general permit or any other general permit required pursuant to the "Water Pollution Control Act," to regulate combined sewer overflows, to establish, provide and maintain a stormwater utility for the purpose of creating a stormwater management system to manage stormwater runoff. The bill would authorize those entities to finance the creation, operation, and maintenance of the stormwater utility system through the imposition of user fees. The bill reported from Senate Environment and Energy Committee with amendments on July 31.

A-3484 - Assembly passed 41-37-1. Senate passed 21-18; sent to Governor. Imposes a one-year 15 percent surcharge on the Corporation Business Tax (CBT), raising the rate from 9 percent to 10.35 percent. The Governor issued an absolute veto on June 30.

A-3213, or Economic Opportunity Act of 2014, Part 3 - Assembly passed 58-15-6; Senate passed 35-3. Makes several technical changes that clarifies provisions in the "New Jersey Economic Opportunity Act of 2013." A key change includes extending the date by which a developer seeking tax credits under the Economic Redevelopment and Growth Grant Program (ERG) must submit a temporary certificate of occupancy for the project. The date was extended from July 28, 2015 to July 28, 2018.

SCR-8, or Open Space Constitutional Amendment - Senate passed 36-1. Dedicates 6 percent of the Corporation Business Tax revenues annually for the next 30 years (from Fiscal Year 2016 through Fiscal Year 2045) to finance the State's open space, farmland and historic preservation programs.

A-1907, this bill re-instates the moratorium on the imposition of fees on non-residential construction projects that expired on July 1, 2013, and continues the moratorium through December 31, 2014. The bill requires municipalities to return any monies paid, due to the previous expiration of the moratorium, during the time period commencing on July 1, 2013 through the effective date of the bill.  However, the bill does not require municipalities that are eligible to collect non-residential development fees to refund monies that have already been expended by the municipality on affordable housing projects. Bill passed both Houses, sent to the Governor.

A-3310, this bill provides that beginning with the July 1, 2015 actuarial valuations of the five State-administered defined benefit retirement systems, the increased employee contributions resulting from the employee rate increases required by P.L.2011, c.78 will be credited as additional contributions to those retirement systems and will not be used to reduce the normal contributions of the State and the other public employers. Bill passed both Houses, sent to the Governor.

A-3410, Extends economic recovery term under "Municipal Rehabilitation and Economic Recovery Act," by five years. Bill passed both Houses, sent to the Governor.

S1229, Authorizes fine for failure to maintain certain vacant properties; requires out--of-state creditors to designate in-State representative. Bill passed both Houses, sent to the Governor.


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