ASSEMBLY ENVIRONMENT, SCIENCE AND TECHNOLOGY COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1101

with committee amendments

STATE OF NEW JERSEY

DATED: FEBRUARY 22, 1996

      The Assembly Environment, Science and Technology Committee favorably reports Assembly Bill No. 1101 with committee amendments.

      This bill provides a tax incentive for port businesses to use non-ocean alternatives for the disposal of contaminated dredged material.

      The bill establishes a tax credit, to be applied against the corporation business tax imposed pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5), for businesses that use such an alternative method of disposal. The amount of the credit would be equal to the difference in real expenses incurred in using the alternative disposal method and those real expenses that would have been incurred if open ocean disposal were employed as the disposal method.

      The committee amended the bill to include the ride-sharing tax credit among the list of prior enacted tax credits set forth in the bill that would be applied, if appropriate, by a taxpayer first before the tax credit allowed under this bill could be applied.

      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.