Bill Text: NJ A1685 | 2014-2015 | Regular Session | Introduced
Bill Title: Concerns eligible municipalities under the urban transit hub credit.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2014-01-16 - Introduced, Referred to Assembly Commerce and Economic Development Committee [A1685 Detail]
Download: New_Jersey-2014-A1685-Introduced.html
STATE OF NEW JERSEY
216th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2014 SESSION
Sponsored by:
Assemblyman JOHN S. WISNIEWSKI
District 19 (Middlesex)
Assemblyman CRAIG J. COUGHLIN
District 19 (Middlesex)
SYNOPSIS
Concerns eligible municipalities under the urban transit hub credit.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act concerning eligible municipalities under the urban transit hub credit, amending P.L.2007, c.346.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 2 of P.L.2007, c.346 (C.34:1B-208) is amended to read as follows:
2. As used in this act:
"Business" means a corporation that is subject to the tax imposed pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5), a corporation that is subject to the tax imposed pursuant to sections 2 and 3 of P.L.1945, c.132 (C.54:18A-2 and 54:18A-3), section 1 of P.L.1950, c.231 (C.17:32-15) or N.J.S.17B:23-5, or is a partnership.
"Capital investment" in a qualified business facility means expenses incurred after, but before the end of the eighth year after, the effective date of P.L.2007, c.346 (C.34:1B-207 et seq.) for: (i) the site preparation and construction, repair, renovation, improvement, equipping, or furnishing of a building, structure, facility or improvement to real property; and (ii) obtaining and installing furnishings and machinery, apparatus or equipment for the operation of a business in a building, structure, facility or improvement to real property.
"Commission" means the New Jersey Commerce Commission.
"Eligible municipality" means a municipality: (1) which qualifies for State aid pursuant to P.L.1978, c.14 (C.52:27D-178 et. seq.) or which was continued to be a qualified municipality thereunder pursuant to P.L.2007, c.111; and (2) (a) in which 30 percent or more of the value of real property is exempt from local property taxation, or (b) in which the New Jersey Turnpike intersects the Garden State Parkway. The percentage of exempt property shall be calculated by dividing the total exempt value by the sum of the net valuation which is taxable and that which is tax exempt.
"Full-time employee" means a person employed by the business for consideration for at least 35 hours a week, or who renders any other standard of service generally accepted by custom or practice as full-time employment and whose wages are subject to withholding as provided in the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq. or who is a partner of a business who works for the partnership for at least 35 hours a week, or who renders any other standard of service generally accepted by custom or practice as full-time employment, and whose distributive share of income, gain, loss, or deduction, or whose guaranteed payments, or any combination thereof, is subject to the payment of estimated taxes, as provided in the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq. "Full-time employee" shall not include any person who works as an independent contractor or on a consulting basis for the business.
"Partnership" means an entity classified as a partnership for federal income tax purposes.
"Qualified business facility" means any building, complex of buildings or structural components of buildings, and all machinery and equipment located within a designated urban transit hub in an eligible municipality, used in connection with the operation of a business.
"Urban transit hub" means property located within a 1/2 mile radius surrounding the mid point of a New Jersey Transit Corporation, Port Authority Transit Corporation or Port Authority Trans-Hudson Corporation rail station platform area, delineated by the commission pursuant to subsection e. of section 3 of P.L.2007, c.346 (C.34:1B-209). A property which is partially included within the radius shall only be considered part of the hub if over 50 percent of its land area falls within the radius. "Rail station" shall not include any rail station located at an international airport.
(cf: P.L.2007, c.346, s.2)
2. This act shall take effect immediately.
STATEMENT
This bill expands the definition of an "eligible municipality" for purposes of the urban transit hub credit, to provide an alternative transportation-related criterion.
The urban transit hub credit program is intended to stimulate capital investment and increased employment in targeted urban rail transit hubs to catalyze economic development in those transit hubs. Currently, the program is limited to investment and employment in municipalities that are: (1) eligible for urban aid; (2) that have at least 30 percent of their real property value exempt from property taxes; and (3) that have a specified commuter rail station.
This bill provides an alternative second criterion. This allows a municipality in which the New Jersey Turnpike and the Garden State Parkway intersect and that otherwise meets the urban aid eligibility and commuter rail station requirements to be an eligible municipality for the urban transit hub credit program. This bill would allow Woodbridge to be an eligible municipality and the area around the New Jersey Transit Metropark station to be designated an urban transit hub.
