ASSEMBLY AGRICULTURE AND WASTE MANAGEMENT COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1093

with committee amendments

STATE OF NEW JERSEY

DATED: MAY 20, 1996

      The Assembly Agriculture and Waste Management Committee favorably reports Assembly Bill No. 1093 with committee amendments.

      As amended, this bill would provide a State personal income tax credit for the expenditure made by a resident taxpayer for the removal of an underground storage tank for home heating oil or motor fuel, the replacement of an underground storage tank for home heating oil or motor fuel with a more corrosion-resistant underground storage tank or above-ground storage tank, and the remediation of any contamination that occurred or was discovered at the time of removal or replacement of the underground storage tank.

      The committee amended the bill to broaden the application of the income tax credit to include underground storage tanks used for motor fuel. The committee amendments also specify that the tax credit shall not be greater than the tax liability and shall not carry forward beyond the tax year the expenses were incurred. The committee amendments also impose an expiration date on the tax credit of December 31 of the fifth year following the effective date of the act. Finally, committee amendments clarify certain citations in the bill.

      This bill was pre-filed for introduction in the 1996-1997 session pending technical review. As reported, the bill includes the changes required by technical review, which has been performed.