TRENTON, NJ-The Senate Budget and Assembly Appropriations committees yesterday approved the Urban Transit Hub Tax Credit Act, aimed at getting corporations to locate near New Jersey's major transit hubs. A vote on the bill by both houses of the legislature is now slated for Monday, the last day of the current legislative session.
As reported by GlobeSt.com, what the bill would do, if passed, is provide tax credits of up to $75 million to cover a variety of capital expenses for companies that create at least 200 jobs at a site within a half-mile of designated transit stations. The credits would be spread over 10 years.
Bill S3043, formally introduced just three weeks ago, has as its primary sponsors State Senators Dick Codey (D-Essex) and Ronald Rice (D-Essex), with Robert Smith (D-Middlesex) as a co-sponsor. But the impetus is said to have come from the top, specifically Gov. Jon Corzine.
The program specifically targets municipalities that are eligible for urban aid, have at least 30% of real property value exempt from property taxes, have property base wealth measured as equalized valuation under $100,000 per capita, and have a commuter rail station. The original list of eligible sites that included Camden, Newark, New Brunswick, East Orange, Jersey City, Paterson, Elizabeth and Trenton was amended slightly yesterday to include Hoboken as well.
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