TRENTON – Gov. Chris Christie vetoed Friday a bill that would have provided aid to towns that lose a major taxpayer.
A3807, the “Corporate Disinvestment Property Tax Relief Act,” sought to appropriate $5 million for the purpose of helping distressed municipalities. The purpose would have been to aid towns when a major business leaves. Towns receiving such aid would have had to use it to reduce tax levies. It passed along party lines in committee.
Sponsor Assemblyman Ralph Caputo said during the hearing earlier this month that the bill was inspired by a large pharmaceutical company departing Nutley, making it harder to provide services.
Possibly $9 million in revenue will be lost when Roche departs for New York, he said, affecting nearby Clifton as well.
However, in his veto message, Christie said today that the bills he turned back would have added hundreds of millions of dollars to the budget.