Post-Sandy bills: bond issue, tax breaks, advertising

TRENTON – More post-Sandy recovery legislation was introduced this week.

Bills addressing various needs, including infrastructure and businesses, were unveiled during the week in which Gov. Chris Christie said in his State of the State address that Sandy rebuilding would dominate the coming year.

Here is a sampling of some of the bills introduced this week:

A3652:  This bill, “The Hurricane Sandy Relief and Recovery Bond Act,” would authorize the issuance of $1 billion in state general obligation bonds to be used to meet the Superstorm Sandy emergency.

The bill, sponsored by Assemblyman John Wisniewski, (D-19), Sayreville, would seek to establish several things:

*A direct state spending program administered by the Department of the Treasury;

*Grants programs for local governments and private entities;

*A low-interest loan program for private entities.

S2434/A3643: This proposal would seek to help urban enterprise zones.

It would provide that one-half of the sales tax collected in each UEZ in the prior year be deposited into a UEZ assistance fund for three years.

The money would be earmarked specifically for repairing infrastructure damaged by the Superstorm, as well as job creation and loans in such areas.

Regarding loans, they would not exceed more than $50,000 per job created, and no more than 7.5 percent could be used for administrative costs.

The upper chamber version is sponsored by Sen. Ray Lesniak, (D-20), Union. The lower chamber version is sponsored by Joe Cryan, (D-20), Union, and Jason O’Donnell,  (D-31), Bayonne.

S2435/A3630: This legislation would appropriate $20 million from the general fund for travel and tourism promotions to make sure people are aware that tourism destinations are open for business despite the storm.

The Senate version is sponsored by Paul Sarlo, (D-36), Wood-Ridge.  Primary sponsors of the bipartisan Assembly version include Lou Greenwald, (D-6), Voorhees, and David Wolfe, (R-10), Brick.

S2451: This bill, sponsored by Sen. Joe Pennacchio, (R-26), Pine Brook, would offer a corporation business tax credit or a gross income tax credit to businesses that lost property to the storm.

This would be for any costs that exceed insurance reimbursements.

The new business property would have to be in use by March 31, 2014.

 

Post-Sandy bills: bond issue, tax breaks, advertising