TRENTON, NJ-Still stinging from the loss of the Hertz corporate headquarters, the New Jersey Senate Community and Urban Affairs Committee passed a bill that would provide temporary state aid to communities when they lose major employers.
The proposal, which passed by a 3-1 margin on Monday, would dedicate $13.5 million to help municipalities make up for tax revenues lost after a major employer moves out. If enacted, the legislation would apply to any town that has lost a large business since the start of 2012, so Park Ridge, which recently saw Hertz announce it would relocate its corporate headquarters to Florida would likely be eligible for the aid.
To be eligible for temporary state aid, the affected municipality must meet certain guidelines, according to The Record. The corporate headquarters must be worth at least $150 million, make up the town's largest assessed land value, comprise at least 10% of the town's tax base or employ at least 1,000 people. An Assembly version of the bill has not been acted upon as yet. See story in The Record.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
