Bill Text: NJ SR59 | 2010-2011 | Regular Session | Introduced
Bill Title: Declares that temporary taxes and fees are inimical to health of State's economy and to growth of investment and employment in New Jersey, and should be allowed to expire.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2010-05-10 - Introduced in the Senate, Referred to Senate Economic Growth Committee [SR59 Detail]
Download: New_Jersey-2010-SR59-Introduced.html
Sponsored by:
Senator JOSEPH M. KYRILLOS, JR.
District 13 (Middlesex and Monmouth)
SYNOPSIS
Declares that temporary taxes and fees are inimical to health of State's economy and to growth of investment and employment in New Jersey, and should be allowed to expire.
CURRENT VERSION OF TEXT
As introduced.
A Senate Resolution declaring the sense of the Senate that temporary State taxes and fees, imposed in recent years as short term measures to balance the State budget, ought to expire without extension or renewal.
Whereas, For some time now, the growth of State spending in New Jersey has outrun the capacity of the State's basic regime of taxes, fees, and other fiscal resources to support that spending; and
Whereas, Recent Administrations have responded to the imbalance between State revenue and New Jersey's ballooning expenditures by recourse to borrowing, the diversion of monies collected for one purpose to underwrite another, and a host of other expedients that have hidden or disguised their corrosive impact on State finances and deferred the day of acknowledgment to the people that this spending growth is unsustainable; and
Whereas, Even when openly raising State taxes and fees, recent Administrations have sometimes tried to make the increases more acceptable by proposing them as nominally "temporary"; and
Whereas, Such temporary tax increases may be justified when necessary to fund extraordinary expenditures to meet unforeseeable emergencies, but should not be used to finance the routine and recurring costs of State government; and
Whereas, Moreover, the expiration of some "temporary" levies, such as the transitional energy facilities assessment ("TEFA"), has been delayed time after time - a "sunset" that, like Nature's own, seems to recede as one approaches it; and
Whereas, While all taxes tend to hamper economic growth, the extension of a tax that is scheduled to expire has the further drawback of frustrating the efforts of individuals and firms to plan their investment in the growth of business activity and employment in this State; now, therefore,
Be It Resolved by the Senate of the State of New Jersey:
1. It is hereby declared to be the sense of this House that temporary State taxes and fees are inimical to the health of the State's economy and to the growth of investment and employment in New Jersey, and that accordingly, all such temporary taxes and fees ought to be allowed to expire without extension or renewal.
2. A copy of this resolution, signed by the President of the Senate and attested by the Secretary thereof, shall be transmitted to the Governor and to the State Treasurer of this State.
STATEMENT
This resolution declares, as the sense of the Senate, that temporary State taxes and fees are inimical to the health of the State's economy and to the growth of investment and employment in New Jersey, and that accordingly, all such temporary taxes and fees ought to be allowed to expire without extension or renewal.
