ASSEMBLY APPROPRIATIONS COMMITTEE

 

STATEMENT TO

 

SENATE, No. 1295

 

with Assembly committee amendments

 

STATE OF NEW JERSEY

 

DATED: OCTOBER 7, 1996

 

      The Assembly Appropriations Committee reports favorably Senate Bill No. 1295, with committee amendments.

      Senate Bill No. 1295, 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 Assembly Bill No. 188, 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.