Thanks to Governor Christie, NJ Will Be Attractive to NY Job Creators
Senator Steve Oroho, a member of the Senate Budget and Appropriations Committee, issued the following statement regarding New York’s proposal to raise the income tax on high income earners. The proposal was put forth by the Speaker of New York’s lower house, Sheldon Silver, according to published reports.
“Thanks to Governor Chris Christie’s rejection of higher income taxes in New Jersey, the Garden State could become attractive to New Yorkers fleeing from a proposed 13 percent surcharge on income over $1 million. While we still obviously have a long way to go reducing taxes in New Jersey, Governor Christies’ refusal to raise taxes would give us a competitive edge over New York in at least one important category.
Senator Joseph Kyrillos (R-Monmouth) received the “Housing Champion of the Year” Award yesterday from the New Jersey Apartment Association. Upon receiving the award, Kyrillos gave a speech to the members about the importance of the rental housing industry and highlighted the fact that one in three people in New Jersey rent, rather than own their homes.
“Policy makers must remember that the economic decisions that we discuss in Trenton, land use, taxation and transportation impact renters and the providers of rental housing as much, as those living in single family homes,” explained Kyrillos. “Policy makers must not continue to view rental housing separately from any other issue. We must examine the consequences of our actions on every sector of the economy including the housing sector as a whole.”
Senate Republican Leader Tom Kean (R-Union) issued the following statement today after the NFL announced that New Jersey will be hosting its first Super Bowl in 2014. Kean was the original sponsor of a Senate Resolution encouraging the NFL to select New Jersey as the site of Super Bowl XLVIII.
“Today is a great day for New Jersey, our football fans and the numerous local businesses that will benefit from the game being held here. The Super Bowl will generate not only tremendous excitement, but also substantial economic activity that will benefit the people of New Jersey and the entire tri-state region.
Was New Jersey’s Tax Increase New York’s Gain?
Senator Joe Pennacchio, a member of the Senate Budget and Appropriations Committee, issued the following statement regarding OLS Budget and Finance Director David Rosen’s testimony regarding the benefit to New Jersey from Jon Corzine’s temporary income tax hike.
“Last year then-Governor Jon Corzine imposed an income tax surcharge on New Jersey residents. The Division of Taxation estimated $300 million of the Corzine tax increase would be offset by credits to New Jerseyans who work in New York. Unfortunately, it seems that the estimate could be off by as much as $200 million under a theory suggested by OLS at today’s budget hearing. What sense does it make for New Jersey to increase taxes by $900 million only to lose a significant portion, if not a majority of it, to a neighboring state?
OLS Budget Officer Testifies NJ’s Economy Shows Signs of Recovery
Senator Kevin O’Toole, a member of the Senate Budget and Appropriations committee, issued the following statement regarding David Rosen’s testimony during a budget hearing this morning. Mr. Rosen is the Legislative Budget and Finance Officer for the non-partisan Office of Legislative Services (OLS).
“During his testimony this morning Dr. Rosen stated several times that there are indications that the economy is beginning to recover. Revenues, with the exception of the income tax, are beginning to stabilize. This presents an opportunity to improve our standing in the region with businesses and entrepreneurs in order to jump start jobs growth.
Record Article Demonstrates Savings NJ Taxpayers Would Realize Under Plan
Senator Kevin O’Toole, a member of the Senate Budget and Appropriations Committee, issued the following statement regarding Governor Christie’s town hall meeting on the proposed 2.5 percent property tax cap:
“Only two weeks ago The Record published an article that clearly demonstrated that a mandatory 2.5 percent property tax cap would have saved the average taxpayer $1,600 per year if it had been in effect for the past ten years. This is a compelling reason to move quickly to ensure that this reform legislation is on the November ballot.
The 12th District Legislators are once again joining with the Red Bank Borough Mayor and Council and the Red Bank Borough Police Department to bring Red Bank residents a series of community-based events culminating in a National Night Out Against Crime event on August 3rd.
Please join Sen. Jennifer Beck, Mayor Pasquale Menna and Police Chief Steven McCarthy for a press conference to kick off this series of events on Tuesday, May 25th at 1 p.m. at the Red Bank Borough Hall, 90 Monmouth Street, Red Bank.
Time for a New Foundation that Encourages Small Business Job Growth
Senate Republican Budget Officer Anthony Bucco issued the following statement regarding the Senate passage of legislation that would increase New Jersey’s income tax—again:
“Continuing the Corzine and McGreevey decade of higher income taxes has failed to bring our budget into balance. Budget deficits have only gotten worse. We have a responsibility to fix the broken budget system with a new economic foundation.
A bill sponsored by Senator Jennifer Beck, Assemblywoman Caroline Casagrande and Assemblyman Declan O’Scanlon, which creates the first 71 day race meet in the nation for Monmouth Park Racetrack, was unanimously approved by both the State Senate and General Assembly.
“This new racing day calendar is already bringing national and international attention,” said Beck. “I am also appreciative that Governor Christie has been so supportive of this initiative. Monmouth Park’s Opening Day for its 2010 racing season is this Saturday. This is an important time for horseracing in New Jersey, and it’s especially exciting for Monmouth Park.”
Legislation Just Delays the Problem Another Year
Senator Joe Pennacchio, the senior Republican member of the Senate Labor Committee, issued the following comments regarding the passage of legislation that will merely delay the returning solvency for another year.
“The state UI Fund is drowning in red ink. To date we have already borrowed $1.6 billion in order to meet our current obligations to those who are out of work.