Source: News From The Senate Democrats
TRENTON – In an effort to improve economic growth and development in distressed communities and neighborhoods, the Senate Community and Urban Affairs Committee passed legislation today sponsored by Senator Troy Singleton, which would require a cost-benefit analysis for any long-term tax exemptions. The analysis would provide information on the net impact on local revenue if tax breaks were granted for new development projects.
“These tax abatements are intended to provide incentives for new projects that will create jobs and generate economic opportunities in our communities, and the cost-benefit analysis will show the long-term impact of the potential abatements,” said Senator Singleton (D-Burlington), Chair of the Senate Community and Urban Affairs Committee. “There should be an immediate or long-term financial gain for the municipality and its residents.”
The bill, S2546, would require the Department of Community Affairs (DCA) to create a database of any long-term tax exemptions. Additionally, the bill would also require that five-year tax exemption and abatement agreements be filed with certain county officials.Continue Reading Singleton Bill on Municipal Tax Abatements Passes Committee