ASSEMBLY APPROPRIATIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 188

with Assembly committee amendments

STATE OF NEW JERSEY

DATED: OCTOBER 7, 1996

      The Assembly Appropriations Committee reports favorably Assembly Bill No. 188, with committee amendments.

      Assembly Bill No. 188, as amended, amends P.L.1995, c.423 in order to correctly validate a tax exemption or abatement for a low or moderate income senior citizen housing project, known as Gillette Manor, in Sayreville.

      As amended, this bill is identical to Senate Bill No. 1295, as amended by this committee.

FISCAL IMPACT:

      This bill has no impact on State revenue or expenditures.

COMMITTEE AMENDMENTS:

      These amendments clarify that the purpose of the project is to aid in the redevelopment of a blighted area in a municipality, and therefore shall be granted a tax abatement.