Bill Text: NJ ACR41 | 2014-2015 | Regular Session | Amended

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Bill Title: Memorializes Congress to support efforts to increase allocation of Low Income Housing Tax Credits and New Market Tax Credits in declared Hurricane Sandy disaster areas.

Spectrum: Moderate Partisan Bill (Democrat 7-1)

Status: (Introduced - Dead) 2015-12-10 - Reported out of Assembly Comm. with Amendments, 2nd Reading [ACR41 Detail]

Download: New_Jersey-2014-ACR41-Amended.html

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[First Reprint]

ASSEMBLY CONCURRENT RESOLUTION No. 41

STATE OF NEW JERSEY

216th LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2014 SESSION

 

 

Sponsored by:

Assemblywoman  MILA M. JASEY

District 27 (Essex and Morris)

Assemblywoman  NANCY F. MUNOZ

District 21 (Morris, Somerset and Union)

Assemblywoman  ANNETTE QUIJANO

District 20 (Union)

Assemblywoman  VALERIE VAINIERI HUTTLE

District 37 (Bergen)

 

Co-Sponsored by:

Assemblyman Singleton, Assemblywoman Caride, Assemblymen McKeon and Mukherji

 

 

 

 

SYNOPSIS

     Memorializes Congress to support efforts to increase allocation of Low Income Housing Tax Credits and New Market Tax Credits in declared Hurricane Sandy disaster areas.

 

CURRENT VERSION OF TEXT

     As reported by the Assembly Housing and Community Development Committee on December 10, 2015, with amendments.

  

A Concurrent Resolution memorializing Congress to support efforts to increase allocation of Low Income Housing Tax Credits and New Market Tax Credits in declared Hurricane Sandy disaster areas.

 

Whereas, In a letter dated April 15, 2013 to United States House of Representatives Speaker John Boehner, eleven of the twelve members of the New Jersey delegation of the House of Representatives, along with Representatives from the states of Connecticut and New York, requested prompt passage of federal legislation to provide tax relief to struggling families and businesses most impacted by Hurricane Sandy; and

Whereas, Hurricane Sandy was the second-costliest natural disaster in the history of our country; and

Whereas, One of the main roles of government is the protection of its citizens, and our constituents still require assistance; and

Whereas, Congress has routinely provided tax relief to communities in the wake of our worst natural disasters within weeks of the tragedy; three weeks after Hurricane Katrina devastated the Gulf Coast, Congress passed the "Katrina Emergency Tax Relief Act of 2005"; later in that same year, Congress passed a more comprehensive bill, the "Gulf Opportunity Zone Act of 2005," which expanded many earlier provisions and provided further relief not only for Hurricane Katrina victims, but also relief for victims of subsequent Hurricanes Rita and Wilma; and

Whereas, In the "Food, Conservation and Energy Act of 2008," commonly referred to as the 2008 U.S. Farm Bill, Congress provided additional tax relief targeted at providing relief to a limited number of counties in Kansas that had been hit by storms and tornados; later in that same year, Congress approved tax relief for the victims of the severe weather in the Midwest as well as the regions impacted by Hurricane Ike; furthermore, this "Hurricane Ike" bill included general disaster tax relief for victims of any federally-declared disaster that occurred before January 1, 2010, of which over 130 disasters were covered; and

Whereas, On December 19, 2012, bipartisan tax relief legislation was introduced in the House of Representatives to help the victims of Hurricane Sandy get back on their feet; H.R. 6683, the "Hurricane Sandy Tax Relief Act of 2012," was sponsored by Rep. Bill Pascrell, Jr. (D-NJ) and co-sponsored by 17 Democratic Representatives and 9 Republican Representatives including Chris Smith (R-NJ), Frank Pallone (D-NJ), Frank LoBiondo (R-NJ), Rodney Frelinghuysen (R-NJ), Scott Garrett (R-NJ), Leonard Lance (R-NJ), and Jon Runyan (R-NJ) ¹[to provide] , and was reintroduced in 2013 as H.R. 2137, with the intent of providing¹, among other things, increased allocation of the Low Income Housing Tax Credit to $8 per ¹[individual] person per impacted county in each¹ state containing counties that have been declared natural disaster areas as a result of Hurricane Sandy, and provide $250 million in new market tax credits for investments in community development entities serving Hurricane Sandy disaster areas; and

Whereas, As has been done in the past after every other major disaster and should be done now, Congress should expeditiously introduce and pass similar legislation to H.R. 6683 ¹of 2012¹ for the residents of the federally-declared disaster areas of Hurricane Sandy so that they can continue and, in some cases, begin to recover from this natural disaster; now, therefore,

 

     Be It Resolved by the General Assembly of the State of New Jersey (the Senate concurring):

 

     1.    This Legislature respectfully memorializes the United States Congress to introduce and pass legislation to provide for increased allocation of the Low Income Housing Tax Credit to $8 per ¹[individual] person per impacted county in each¹ state containing counties that have been declared natural disaster areas as a result of Hurricane Sandy, and provide $250 million in new market tax credits for investments in community development entities serving Hurricane Sandy disaster areas.

 

     2.    Duly authenticated copies of this resolution, signed by the Speaker of the General Assembly and the President of the Senate and attested by the Clerk of the General Assembly and the Secretary of the Senate, shall be transmitted to the presiding officers of the Congress of the United States and each of the members of the United States Congress elected from the State of New Jersey.