Senate Republican Leader Tom Kean and Assembly Republican Leader Alex DeCroce today sent the following letter to Senate President Dick Codey and Assembly Speaker Joe Roberts:
Dear Senate President Codey and Speaker Roberts:
New Jersey residents have watched with great concern the financial crisis that has been unfolding on Wall Street in recent weeks. There is no question that this will have an impact on the well-being of our state economy and potentially on our state budget in the months to come. We are sure that you share our concern about this situation.
We believe the Legislature has an obligation to look at the economic and budgetary impact of the current financial crisis and to craft and enact legislation that will mitigate any negative impact on our state and the taxpayers. Republicans have already introduced a number of bills that we believe will give New Jersey’s economy a much-needed boost. We would like these proposals, as well as any measures the members of your party have introduced, to be considered in a special meeting of the Senate and Assembly budget committees.
Just some of the bills we believe should be considered are:
S-263 (Kyrillos/Cardinale) / A-723 (Greenwald/Bramnick) – Lets entrepreneurs carry more operating losses forward so they can use them to lower taxes in more years. The business community considers this change vital to job growth.
S-281 (Kean, T.) / A-239 (Bramnick/Munoz) — New Jersey Economic Development Promotion Act would jump-start languishing economic development efforts in the state and free up formidable resources to allow expansion of economic development efforts.
A-1449 (DeCroce) – Single Sales Factor bill changes law so businesses that are based in New Jersey aren’t taxed more than companies that locate their offices in neighboring states. This is one of the highest priorities of state business leaders. Neighboring states do this when New Jersey does not, putting our economy at a huge disadvantage.
S-1874 (Oroho) / A-2722 (Vas/Greenwald) — Eliminates a rule almost unique to New Jersey that allows the state to tax business revenue that is not taxed by another state. It’s an illogical penalty against businesses that locate in our state.
S-276 & S-2114 (Kyrillos) — Reforms business incentive grants to allow more job-creating businesses to benefit.
S-1466 (Kean, T.) / A-2628 (Karrow) — Expands Urban Transit Hub law to any municipality with a commuter rail station. This allows all towns to stimulate more business growth around the train stations that have spurred economic growth in the state.
Taking action now could prevent serious problems for our state budget, and for our state’s overall economic health, in the coming months. We have an obligation to our constituents to act now to prevent any further harm from this evolving economic crisis. That is why we are requesting that you work in conjunction with the chairs of the Senate Budget and Appropriations Committee and the Assembly Budget Committee to schedule hearings on this issue as soon as possible.
Thank you for your attention to this important matter. We look forward to your response.
Sincerely,
Thomas Kean, Senate Republican Leader
Alex DeCroce, Assembly Republican Leader
cc. Senator Barbara Buono, Chairwoman Senate Budget and Appropriations Committee
cc. Assemblyman Louis Greenwald, Chairman Assembly Budget Committee
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