STATE OF NEW JERSEY
INTRODUCED JULY 7, 2011
Senator† JEFF VAN DREW
District 1 (Cape May, Atlantic and Cumberland)
Senator† NICHOLAS J. SACCO
District 32 (Bergen and Hudson)
Senators Girgenti, Cunningham, Lesniak, Norcross, Turner, Ruiz and Whelan
†††† Overrides Governorís line-item veto of two related language provisions in Fiscal Year 2012 appropriation act concerning allocation and use of reduced rate sales and use tax collections generated in Urban Enterprise Zones.
CURRENT VERSION OF TEXT
†††† As introduced.
A Concurrent Resolution overriding a line-item veto of two related language provisions in the General Provisions of the Fiscal Year 2012 appropriation act concerning the allocation and use of reduced rate sales and use tax collections generated in Urban Enterprise Zones.
†††† Be It Resolved by the Senate of the State of New Jersey (the General Assembly concurring):
†††† 1.††† That the following two related language provisions, on page 261 of Senate Bill No. 4000 of 2011 (P.L.2011, c.85) which was the subject of objection by the Governor in the Governorís veto statement of June 30, 2011, be restored to law as follows, the objections thereto of the Governor notwithstanding:
†††† 71.† Notwithstanding the provisions of any other law or regulation to the contrary, there is appropriated as revenue to the General Fund one‑half of the revenue credited in the current fiscal year to each account for each enterprise zone in the Enterprise Zone Assistance Fund attributable to local projects and the local costs for administering the Urban Enterprise Zone program, as defined by section 29 of P.L.1983, c.303 (C.52:27H‑88).†
†††† 72.† The revenue credited in the current fiscal year to each account for each enterprise zone in the Enterprise Zone Assistance Fund attributable to local projects and the local costs for administering the Urban Enterprise Zone program, as defined by section 29 of P.L.1983, c.303 (C.52:27H‑88), shall be distributed to each enterprise zone on or before November 15, 2011, February 15, 2012, May 15, 2012, and June 30, 2012.† Provided further, the use of such funds for eligible purposes by such enterprise zones shall not require approval by the New Jersey Urban Enterprise Zone Authority. †Further, an enterprise zone may use project funds for administrative purposes, but the entire administrative budget of such enterprise zone shall not exceed its fiscal year 2011 administrative budget.
†††† 2.††† BE IT FURTHER RESOLVED, that copies of this resolution be delivered to the Governor, the State Treasurer, and the Commissioner of Community Affairs.
†††† This resolution restores two related language provisions in the Fiscal Year 2012 appropriations act that the Governor deleted by force of a line-item veto.† The language splits evenly between the State and local Urban Enterprise Zone (UEZ) authorities that portion of reduced rate sales and use tax collections generated in the Stateís 32 UEZs that a statutory formula allots exclusively to local UEZ authorities.† Absent this resolution, the Governorís line-item vetoed language would, at the expense of local UEZ authorities, divert into the State General Fund the entire estimated $94.0 million in Fiscal Year 2012 reduced rate UEZ sales and use tax revenue that statutes reserve for local UEZ authorities.† Under this resolution, however, local UEZ authorities and the State will each receive an estimated $47.0 million in Fiscal Year 2012.†
†††† The language also sets forth a quarterly timetable for the disbursement of reduced rate sales and use tax collections to local UEZ authorities, exempts local authorities from the need to gain approval from the New Jersey UEZ Authority for their use of such funds for eligible purposes, and caps local authoritiesí Fiscal Year 2012 administrative budgets at their Fiscal Year 2011 levels.†