All three bills are scheduled to be heard in the Senate Community and Urban Affairs Committee today.

“Just as many small hits to New Jersey business and the economy can add up, there are also many smaller positive steps that can incrementally improve affordability in New Jersey,” said NJBIA Vice President of Government Affairs Christopher Emigholz.

“We are encouraged that the start of the new legislative session includes legislation, with sponsorship and support from both sides of the aisle, that seeks to address and improve affordability in the state.”

Bill S-114 (Holzapfel, R-10) calls for the elimination of a supplemental realty transfer fee that was first imposed in July 2003. It’s levied on a graduated scaled based on a home or building’s selling price.

“Ultimately, the elimination of this transfer fee will reduce costs on developers and help to stimulate economic development in New Jersey,” Emigholz said.

Bill S-330 (Singleton, D-7) increases the distribution to municipalities from the Energy Tax Receipts Property Tax Relief Fund over five years to restore municipal aid reductions. It also requires additional aid to be subtracted from a municipal property tax levy.

“This legislation will recapture more than $330 million of lost municipal aid, which can be a step toward reducing the highest property taxes in the nation,” Emigholz said. “This is a bill with some history. But with the well-established need and desire to make New Jersey more affordable, now is the time to get it to the governor’s desk and into law to make a dent in our highest-in-the-nation property taxes.”

Bill S-616 (Schepisi, R-39) authorizes the establishment of regional economic development partnerships for the purpose of engaging in joint regional economic planning and strategies.

“This is a bill NJBIA supports because it will encourage better and more collaborative economic development planning on a regional level, which is a method used in other states,” Emigholz said. “When economic planning and partnerships go beyond municipal borders, it’s a pathway to find real efficiencies, cost-sharing and cost-savings – which hopefully filters down to taxpayers.”