Dems will try to override vetoes

The Democrats will attempt to overturn recent vetoes of job-creation bills by Gov. Christie.

Voting sessions have been scheduled for 11 a.m. in both the Senate and the Assembly.

Senate President Stephen M. Sweeney and Assembly Speaker Sheila Y. Oliver  said in a release they want to advance tax cuts that will enhance businesses.

Both houses will consider the following new legislation:

A3869/S2753, to streamline corporate tax laws and encourage more businesses to locate in New Jersey by modifying the formula used to determine the corporate income subject to tax by the state from a three-factor formula to a single-sales factor formula.  This is a slightly revised version of a bill (A1637/S1646) approved by the Legislature in January, only to be vetoed by the governor, then included in his budget four days later. 

A bill (A3870/S2754)  to provide a tax break to the small businesses that employ many New Jerseyans by giving small business owners the same ability to recoup losses over 20 years that large corporations currently enjoy. This is a slightly revised version of a bill (A3535/S1540) approved by the Legislature in January, only to be vetoed by the governor, then included in his budget four days later.

The Assembly will move to override the following vetoes:

A2215, to allow developers to receive low-interest New Jersey Economic Development Authority loans when building environmentally friendly buildings. 

A3353, to establish a fund to attract economic development projects to New Jersey.

A3513, to establish a loan redemption program for students who enter fields suffering from labor shortages.

A3584, to create the “Back to Work NJ” job creation program to provide on-the-job training for out-of-work New Jerseyans.

The Senate will move to override the following vetoes:

S690, to expand the state’s existing film and digital media production tax credit programs.

S1216, to permit small, women or minority owned businesses located in designated regional centers to qualify for loans from EDA as if located in a designated urban center.

S2345, to expand the gross income tax exclusion for pensions, annuities and other retirement income for senior citizens.

S2398, to direct the New Jersey Economic Development Authority and Commission on Higher Education to promote the establishment of higher education and business partnerships.

S2454, to provide tax credits for investing in New Jersey emerging technology businesses.

Both houses will be prepared to immediately consider override measures that pass the other house.

The sessions will be streamed live at http://www.njleg.state.nj.us/media/live_audio.asp.

 

Dems will try to override vetoes