TRENTON-A heavily amended version of legislation that would revamp the state's tax incentives program passed the state Senate 30-4 Monday and is on its way to Gov. Chris Christie's desk. However, the governor is expected to conditionally veto it, the Star-Ledger reported.
The bill's original sponsor in the Senate, state Sen. Raymond Lesniak (D-Union) was among the 30 lawmakers who voted in favor of A3680, the New Jersey Economic Opportunity Act of 2013. However, before casting his vote Lesniak gave an angry speech denouncing a provision that had been inserted requiring residential developers who accept tax breaks to set aside 20% of their units as affordable housing. He said the requirement would drive up the price of market-rate units in poor cities, the Ledger reported.
“The people who work in Camden won't be able to live in Camden with the aid of this legislation,” Lesniak said on the Senate floor. “And I have passed around amendments that would correct that flaw. However, it was made very clear by the Assembly sponsor that they would accept no limits, that it has to be passed as-is—as flawed as it is.”
Originally, the bill was intended to simplify the state's tax incentives program, combining five programs into two. However, along the way the bill grew from 47 pages to 82 as lawmakers added pet projects. “It is loaded with lard that would make some of the folks in Washington proud,” said state Sen. Sam Thompson (R-Middlesex), who nonetheless cast a vote to send the bill to Christie to “see what he does,” the Ledger reported. Click here for the complete story.
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