Legislative Leaders Oppose Tax Shifting as Property Tax Reform
Senate President Richard Codey and Assembly Speaker Joseph Roberts have said the property tax reform plan they are working on will not include shifting the tax burden to other local taxes, such as a local sales tax or income tax. In a November 6 Star Ledger article, the top two legislative leaders said they were focusing on a revised school funding formula, local government spending caps and government consolidation. The Legislature faces a self-imposed November 15 deadline to develop a comprehensive property tax reform plan that can be voted on by the Legislature before the end of the year. NJBIA believes that reining in local government spending, not shifting the tax burden onto other sources, is the key to property tax reform. On November 9, Codey and Roberts said they expected to meet that deadline and provide a plan that would reduce property taxes by an average of 20 percent for the majority of homeowners. For more information, contact Art Maurice at ext. 247.
New Jersey Business & Industry Association (www.njbia.com).
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