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TRENTON, NJ-The Senate Budget and Assembly Appropriationscommittees yesterday approved the Urban Transit Hub Tax Credit Act,aimed at getting corporations to locate near New Jersey's majortransit hubs. A vote on the bill by both houses of the legislatureis now slated for Monday, the last day of the current legislativesession.

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As reported by GlobeSt.com, what the bill would do, if passed,is provide taxcredits of up to $75 million to cover a variety of capitalexpenses for companies that create at least 200 jobs at a sitewithin a half-mile of designated transit stations. The creditswould be spread over 10 years.

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Bill S3043, formally introduced just three weeks ago, has as itsprimary sponsors State Senators Dick Codey (D-Essex) and RonaldRice (D-Essex), with Robert Smith (D-Middlesex) as a co-sponsor.But the impetus is said to have come from the top, specificallyGov. Jon Corzine.

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The program specifically targets municipalities that areeligible for urban aid, have at least 30% of real property valueexempt from property taxes, have property base wealth measured asequalized valuation under $100,000 per capita, and have a commuterrail station. The original list of eligible sites that includedCamden, Newark, New Brunswick, East Orange, Jersey City, Paterson,Elizabeth and Trenton was amended slightly yesterday to includeHoboken as well.

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