Bill Text: NJ S694 | 2010-2011 | Regular Session | Introduced
Bill Title: Provides for annual appropriation to NJ Sports and Exposition Authority of 50 percent of revenue from sales tax on admissions to and sales at new Meadowlands stadium to fund debt service, maintenance, repair, and replacement.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-01-12 - Introduced in the Senate, Referred to Senate Budget and Appropriations Committee [S694 Detail]
Download: New_Jersey-2010-S694-Introduced.html
STATE OF NEW JERSEY
214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by:
Senator PAUL A. SARLO
District 36 (Bergen, Essex and Passaic)
SYNOPSIS
Provides for annual appropriation to NJ Sports and Exposition Authority of 50 percent of revenue from sales tax on admissions to and sales at new Meadowlands stadium to fund debt service, maintenance, repair, and replacement.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act providing for the annual appropriation of certain amounts to the New Jersey Sports and Exposition Authority, supplementing P.L.1971, c.137 (C.5:10-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. In the State fiscal year beginning on July 1, 2010, and in each State fiscal year thereafter, the Governor shall recommend and the Legislature shall appropriate from the General Fund to the New Jersey Sports and Exposition Authority an amount equal to 50 percent of the revenue received during the preceding calendar year pursuant to the "Sales and Use Tax Act," P.L.1966, c.30 (C.54:32B-1 et seq.) from taxation of receipts from any charge for admission to or within the "stadium premises," as defined in the stadium project ground lease and development agreement entered into by the authority on December 21, 2006, or from taxation of receipts from the sale of goods or services on or within those premises. Amounts appropriated to the authority hereunder shall be used exclusively for debt service and for maintenance, repair, and replacement at the Meadowlands complex.
2. This act shall take effect on February 1, 2010.
STATEMENT
This bill provides that, in the State fiscal year beginning on July 1, 2010, and in each State fiscal year thereafter, there shall be appropriated from the General Fund to the New Jersey Sports and Exposition Authority an amount equal to 50 percent of the revenue received during the preceding calendar year from sales and use tax on charges for admission to the premises of the new Giants/Jets stadium at the Meadowlands complex, or on the sale of goods or services on or within those premises. The bill requires the amounts so appropriated to be used exclusively for debt service and for maintenance, repair, and replacement at the Meadowlands complex.
