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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.”

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