TRENTON – Gov. Chris Christie conditionally vetoed legislation that would have expanded the Neighborhood Revitalization State Tax Credit Act.
A3206 would have increased the annual total amount of credits allowable under the Neighborhood Revitalization State Tax Credit program from $10 million to $15 million.
Christie said in his veto message that the bill was “passed outside of the annual budget process and creating a $5 million negative impact on state revenues,” adding it “represents a return to the ill-advised fiscal practices of the past.”
The governor also CVed A2577, which would have revised the agreement between the Casino Reinvestment and Development Authority and the not-for-profit corporation designated to develop a marketing plan for Atlantic City and the Atlantic City Tourism District.
The governor said the legislation would effectively increase “red-tape and bureaucracy in the state’s oversight of the gaming and tourism industries.”