TRENTON – Legislation that permits a municipality to have greater leeway in what it chooses to tax admission charges to large venues cleared an Assembly panel Thursday.
The Assembly Commerce and Economic Development Committee unanimously released legislation that would allow municipalities to impose up to a 5 percent admission tax on tickets sold to venues with at least 10,000 seats.
The bill, A3848, Is not a new tax, said the bill’s sponsor, Assemblyman Albert Coutinho, (D-29).
“We are amending existing legislation,” he said, explaining current statute permits municipalities to tax such venues at a flat 5 percent rate.
The revised bill would permit taxes to range from nothing to 5 percent, he said.
The committee also released the following bills:
A1022, would establish a linked deposit program allowing the state Treasurer to deposit state funds at below market interest rates with certain banks.
The bill establishes a Small Business and Minority Linked Deposit Program. The program would take funds made available by the state Treasurer from the New Jersey Cash Management Fund and place it on deposit with certain eligible banks at rates 3 percent below the standard interest rate offered by a bank on a two-year certificate of deposit.
The bill cleared the committee along party lines.
A3615, codifies certain zoning rules set forth in certain case law with regards to the state’s Local Redevelopment and Housing Law.
A3778, would establish a microenterprise training program and assistance for micro entrepreneurs. A microenterprise business is a business of fewer than five employees and requires less than $35,000 in startup capital.