Christie vetoes historic tax credit bill

Stating that it was part of politics in Trenton as usual, the governor vetoed the just-passed historic tax credit bill today.  More information, including we hope a stated reason for its veto, as details become available.

 

Governor has historic opportunity to enact tax credit

With the New Jersey Assembly’s overwhelming affirmative vote yesterday in favor of the Historic Property Reinvestment Act (HPRA, A-1851), the long-sought historic rehabilitation tax credit bill is now firmly on Governor Christie’s desk awaiting his signature.  Four previous New Jersey Governors have been unable or unwilling to make New Jersey the 32nd state to provide a powerful incentive for homeowners and commercial property owners to invest in their historic buildings, and in their communities.  Now Gov. Christie can make history when he signs the bill, providing homeowners with badly needed tax relief, and finally attracting the hundreds of millions of dollars in commercial historic property redevelopment that have been consistently bypassing New Jersey.

New Jersey is being dramatically bypassed by major investors, who are spending hundreds of millions of dollars and creating thousands of both construction and permanent jobs in the surrounding states, all  of which offer the tax incentives similar to that proposed in HPRA.  In 2010, five nearby states – Massachusetts, New York, Connecticut, Rhode Island and Maryland – saw the completion of 113 major rehabilitation projects on historic commercial buildings worth $998 million in private investment.  Each of those states offer a historic tax credit.  New Jersey, which does not yet have similar tax relief in place, had just one completed historic rehab project, worth $4 million.  Our state, in the throes of economic crisis, net out-migration of people and jobs, and private investment at a virtual standstill, can no longer afford to watch hundreds of millions of dollars in private investment flow to all the states surrounding us while New Jersey languishes.

Gov. Christie has an unprecedented opportunity to enact this measure, which has been a proven generator of net state tax revenues, jobs and community revitalization in 31 states.  We encourage him to seize the moment and make history by signing HPRA.

 

Unanimous Senate vote moves New Jersey tax credit bill closer

BREAKING:   the New Jersey Senate voted 38 – 0 earlier today in favor of the Historic Property Revitalization Act (HPRA).  The historic rehabilitation tax credit bill, a legislative work in progress for more than a dozen years in New Jersey, requires a procedural vote in the state Assembly, which passed it late last year, and then will reach Gov. Chris Christie’s desk soon.

More information as it becomes available.

Help the NJ Heritage Development Coalition and Preservation New Jersey push the tax credit bill “over the top.”   Donate Now.

 

One Senate vote away from the Governor’s desk: HPRA passes Budget Committee

Today, the New Jersey Senate Budget Committee passed the historic rehabilitation tax credit bill, the Historic Property Reinvestment Act (HPRA) and sent it to the full Senate for a final vote.  Senate prime sponsor Sen. Barbara Buono (Metuchen) spoke passionately and at length about the importance of preserving heritage and unique and historic places as the Committee began consideration of the legislation.  Questions from committee members about the job creation and fiscal impacts of the proposed financial incentive were fielded by speakers Hon, Mary-Anna Holden, Mayor of Madison, NJ and Preservation New Jersey President; Walter Gallas, Northeast Field Office Director of the National Trust for Historic Preservation; Trenton real estate developer David Henderson of HHG Development; and PNJ Executive Director Ron Emrich.

The 9 – 1 affirmative vote came with support from members of both parties.  The final hurdle for HPRA is a full Senate vote, probably in mid-January, plus a pro forma correcting vote in the Assembly.  The signature of Gov. Chris Christie would enact the long-awaited bill.

 

Senate Committee moves tax credit bill

Moments ago the Senate Committee on State Government, Tourism, Gaming & Historic Preservation passed the historic tax credit bill, S659.  It now moves to consideration by the Senate Budget Committee, which we hope will occur soon – perhaps as soon as next week.  Our thanks to prime sponsor in the Senate, Sen. Barbara Buono, for her leadership in moving the bill ahead.

Please call your Senators to indicate your support for HPRA.

 

Senate Committee to consider NJ historic tax credit bill, Dec. 9

Momentum continues to build for HPRA, the proposed New Jersey state historic rehabilitation tax credit recently passed by the NJ Assembly (see previous post).  Sen. Barbara Buono, our prime sponsor in the Senate, has successfully gotten the bill – S659 – posted on the first relevant Senate committee’s agenda.

State Government, Tourism, Gaming & Historic Preservation Committee
Thurs., Dec. 9, 1:00 p.m.
Statehouse Annex, Committee Room 6, 1st floor (NB:  room assignments are subject to last minute changes)

Three of the five committee members are already co-sponsors (Sens. Shirley Turner (D-Trenton), Robert Gordon (D-Fair Lawn) and Anthony Bucco (R-Boonton).  Please consider making phone calls to chairman Sen. Jim Whelan (D-Atlantic City) and Sen. Thomas Goodwin (R-Hamilton Twsp.) to urge their affirmative vote.  Examples of potential projects that would benefit from the tax credit, and the jobs and economic activity that they would generate, continue to be powerful persuaders.  Personal testimony at the hearing, or letters of support addressed to the Committee chair, Sen. Whalen, are also needed.

Be aware that, again this year, the fiscal statement (the OLS estimate of what the proposed program would “cost”) is both negative and incorrect.  OLS refuses to acknowledge the overwhelming evidence from studies in many of the 31 states that already have tax credit programs showing as much as 8:1 return on investment to state treasuries.

You can find accurate fiscal impact information, detailed description of HPRA, links to the bills, reports on economic impacts as measured in 31 states having a similar credit, links to sponsors’ web pages, etc. at
http://www.preservationnj.org/site/ExpEng/index.php?/PNJSite/hpi_act

Please let us know of any feedback/response to calls or other outreach.

Meanwhile, we’re looking for an op-ed in the Star Ledger soon from National Trust President Stephanie Meek.

We’ll be blogging status updates right here.

 

One Step Closer: NJ Assembly Passes HPRA

by: Stephanie Cherry-Farmer, PNJ Programs Director

Around 3:15pm this afternoon, the Historic Property Reinvestment Act (HPRA), bill A1851, was brought before the New Jersey Assembly for a floor vote. Prime Sponsor Assemblyman Reed Gusciora (D-District 15) gave eloquent testimony, after which, with no debate offered, the bill passed by a 60 – 13 vote.

The Historic Property Reinvestment Act (HPRA) would make New Jersey the 32nd state to offer a powerful historic rehabilitation tax credit to spur job creation and desperately needed economic growth. This tax credit has been proven to generate investment that vastly outweighs the amount of tax dollars given in credit, and will incentivise developers that are currently prioritizing projects in our neighboring states, almost all of which already have a state historic preservation tax credit.

PNJ is working hard to spur the NJ Senate to move companion bill S659, forward. Senator Jim Whelan’s(D- District 2) State Government, Tourism, Gaming and Historic Preservation Committee will first need to hear the legislation.  Preservation advocates and supporters of job creation and economic revitalization are urged to contact Senator Whelan, as well as Prime Sponsor Senator Barbara Buono, to encourage them to act quickly on HRPA.

Help us keep the ball rolling.

 

NJ Assembly to vote on HPRA

The New Jersey Assembly has scheduled a “floor vote” for the long-proposed state historic rehabilitation tax credit bill, A-1851 at 1:00 p-.m. on Mon., Nov. 22, 2010.  The Historic Property Reinvestment Act (HPRA) would make New Jersey the 32nd state to offer a powerful historic rehabilitation tax credit to spur job creation and desperately needed economic growth.

The tax credit will provide homeowners and corporations with an economic incentive to help revitalize older neighborhoods and reuse historic structures by providing a State tax credit for their rehabilitation. The credit, if established, would:

• Allow a credit on state income or corporate business taxes of 25% of the qualified costs of a historic rehabilitation
• Parallel federal historic preservation 20% tax credit, creating more commercial development opportunities
• Be Useful for both residential and commercial property, developers and homeowners (combined with federal credit for income producing properties only)

The job creation and economic stimulus that the credits already established in 31 states are measurable and significant.  Click here for more information.

Advocates are urged to contact their Assembly members immediately to indicate your support for HPRA.

 

NJ Assembly Appropriations Committee Reports Tax Credit Bill

The New Jersey General Assembly’s Appropriations Committee yesterday reported the Historic Property Reinvestment Act (HPRA) with  two minor amendments.  This means the long sought historic tax credit bill will move forward to the floor of the Assembly.  No date for a vote has been set.  Meanwhile, the Senate has yet to take up the bill (S659).  Sen. Jim Whelan’s (Atlantic City) State Government, Tourism, Gaming and Historic Preservation Committee will first need to hear the legislation.  Preservation advocates and supporters of job creation and economic revitalization are urged to contact Sen. Whelan, as well as prime bill sponsor Sen. Barbara Buono, to urge them to move HPRA forward.

The Assembly Appropriations Committee vote:
Pou, Nellie (C) – Yes
Addiego, Dawn Marie – Abstain
Barnes, Peter J., III – Yes
Chivukula, Upendra J. – Not Voting
Conaway, Herb, Jr. – Yes
DiMaio, John – Abstain
Greenwald, Louis D. – Yes
McKeon, John F. – Yes
Peterson, Erik – Abstain
Stender, Linda – Yes
Thompson, Samuel D. – Abstain
Vainieri Huttle, Valerie – Yes

 

 

NJ Assembly Appropriations Committee to hold hearing on HPRA

The New Jersey Assembly Appropriations Committee has announced it will hold a hearing on HPRA, A1851, the proposed state historic preservation tax credit bill, on Mon., Nov. 8 at 2 p.m. in Committee Room 11, 4th floor, Statehouse Annex, in Trenton. This is the first time in nearly 15 years of efforts to see a state tax credit enacted in New Jersey that the Appropriations Committee has considered this important legislation.

Advocates are urged to call their legislators immediately to ask them to contact their colleagues on the Appropriations Committee.  And please reach out to Committee members (listed below) directly to urge their support for this proven job creating, economic revitalization tool!

Nellie Pou (Paterson),  Chair
Ruben Ramos, Jr. (Hoboken), Vice Chair
Dawn Marie Addiego (Medford)
Peter J. Barnes (Edison)
Upendra Chivukula, Jr. (Somerset)
Herb Conaway (Delran)
John DiMaio (Hackettstown)
Louis D. Greenwald (Camden)
John F. McKeon (West Orange)
Erik Peterson (Flemington)
Linda Stender (Scotch Plains)
Samuel D. Thompson (Matawan)

Legislative contact information is available from the webpage.

For more detailed information on HPRA, go to the Preservation New Jersey webpage>>.