Bill Text: NJ ACR41 | 2014-2015 | Regular Session | Introduced
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-Introduced.html
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 and Assemblyman McKeon
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
Introduced Pending Technical Review by Legislative Counsel
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), Lenard Lance (R-NJ), and Jon Runyan (R-NJ) to provide, among other things, increased allocation of the Low Income Housing Tax Credit to $8 per individual 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 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 individual 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.
STATEMENT
This concurrent resolution expresses the New Jersey Legislature's support for Congress to introduce and pass federal legislation similar to the bipartisan measure, H.R. 6683, introduced on December 19, 2012 in the 112th United States Congress. H.R. 6683 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), Lenard Lance (R-NJ), and Jon Runyan (R-NJ) to provide, among other things, increased allocation of the Low Income Housing Tax Credit to $8 per individual 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.
Expedient introduction and passage of this federal legislation is critically necessary 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. Similar relief legislation has been enacted in the past after every other major disaster and should be done now for the victims of Hurricane Sandy.
