Gov. Corzine Signals Support for Pro-Development Bills

NEW BRUNSWICK, NJ-At a NAIOP-NJ-sponsored event held here Friday, Governor Jon Corzine made it clear that while the state faces difficult fiscal times, he is committed to boosting New Jersey’s economy and making the state more attractive to businesses.”There are real challenges for all of us in this current environment,” he said. “But it is the challenge that also creates enormous opportunity as we go about laying the framework for what I think will be a significant recovery in a year to 18 months.”

The governor was the keynote speaker at NAIOP-NJ’s 2009 Public Policy Symposium, which also featured a panel of Democratic and Republican state legislators. During his remarks, the governor referenced a number of bills now under consideration in the state house that have been endorsed by NAIOP-NJ. Two such amendments are to the Revenue Allocation District Financing Act, which would expand the tax revenues towns may use to fund capital improvements needed for redevelopment projects, and changes to the Urban Transit Hub Tax Credit, which, among other revisions, would permit businesses to transfer any unused tax credits.

“All of these are designed to make New Jersey far more business friendly, and there is more on the way,” he said. “The revision to the urban hub bill is probably the most attractive competitive vehicle. From what I hear from other places around the country, particularly on the east side of the Hudson River, they are not all that happy with some of the things we are doing to actually make us competitive in working with firms to come across the river.”