Newsletters

Senate Passes Economic Stimulus Bill

TRENTON-The State Assembly and Senate have green-lighted the New Jersey Economic Stimulus Act of 2009.

By Maria Wood | Updated on June 26, 2009

TRENTON-The State Assembly and Senate yesterday passed the New Jersey Economic Stimulus Act of 2009, a bill that included several measures supported by commercial real estate organizations in the state. The legislation, sponsored by Sen. Raymond J. Lesniak (D-Union), was approved by a vote of 49-27 in the Assembly and 21-18 in the Senate, according to a report in the Record .

Included in bill were several measures supported by commercial real estate groups in the state, including the Smart Growth Economic Development Coalition and NAIOP-NJ. Specifically, the bill would reduce the investment threshold under the Urban Transit Hub Tax Credit and allow for the transfer of those credits and create a substitute for Revenue Allocation District (RAD) program to be known as the Economic Redevelopment and Growth Grant (ERGG). Also included in the bill is an exemption for certain non-residential development from COAH fee obligations. Michael McGuinness, CEO of NAIOP-NJ says, “corrective legislation is needed now to encourage businesses to stay in and relocate to New Jersey in order to create private sector jobs.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Resource Center

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Assessment

Sponsored by Cherre

Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Browse More Resources ›

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Assessment

Sponsored by Cherre

Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Browse More Resources ›

Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.

Assessment

Sponsored by Cherre

Enabling Stakeholder Confidence in Your Data: A Self-Assessment for Real Estate Organizations

Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.

Browse More Resources ›

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.