ASSEMBLY DEMOCRATS QUESTION CHRISTIE REJECTION OF VITAL BUSINESS TAX CUTS

(TRENTON) – Assembly Democratic lawmakers on Monday questioned Gov. Chris Christie’s reasoning for vetoing the Legislature’s bipartisan job creation and economic development package, noting the governor didn’t seem to understand key business tax cuts and incentives he rejected.
The governor on Friday vetoed numerous job creation and economic growth measures supported by legislators from both parties.
Assembly Speaker Sheila Y. Oliver, Assembly Majority Leader Joseph Cryan, Assembly Budget Chairman Lou Greenwald and Assembly Commerce and Economic Development Chairman Albert Coutinho said tax cuts rejected by Christie wouldn’t have cost immediate money.
All Christie had to do, they said, was his job as governor – properly budget for them in the fiscal years ahead, then watch state revenue increase through successful business activity.
“It’s disappointing the governor thinks he was backed into a corner by bipartisan bills that had one simple goal in mind – create jobs and economic development for working class residents and the businesses that employ them,” said Oliver (D-Essex/Passaic). “It’s even more disappointing that the governor’s veto of these direly needed business tax cuts seems to be based on over-the-top sound bites than reality. It was time to put the theater aside and act together to help our state, but sadly the governor wanted the opposite.”
“The governor’s reasoning raises questions as to whether the governor even read these business tax cut bills,” said Cryan (D-Union). “That’s unfortunate, most notably for businesses who have been desperately seeking these job-creating tax cuts to jump-start economic development. The governor may prefer bills that bring tax cuts to rich CEOs, but these vetoes will hurt every business in this state for years to come.”
The lawmakers noted Christie vetoed:
· A bipartisan bill (A-1676) sought by businesses to streamline the state’s corporate tax structure and make New Jersey more competitive with other states; it wouldn’t have cost the state revenue until the fiscal year beginning July 1, meaning Christie simply had to plan for it in the budget he will propose on Tuesday.
· A bipartisan small business tax reform (A-3535) that would have helped small businesses offset operating losses; it wouldn’t have cost the state revenue until the fiscal year beginning July 1, meaning Christie simply had to plan for it in the budget he will propose on Tuesday.
· A bill (A-3592) to provide tax incentives for investing in emerging technology businesses; it wouldn’t have cost the state revenue until the fiscal year beginning July 1, meaning Christie simply had to plan for it in the budget he will propose on Tuesday.
· A bipartisan bill (A-2905) to restore and expand the film production and digital media tax credit; it wouldn’t have cost the state revenue until the fiscal year beginning July 1, meaning Christie simply had to plan for it in the budget he will propose on Tuesday.
They also noted Christie, at the very least, could have conditionally vetoed the effective dates of any job creation bill to meet any concerns.
“These bills all had one specific purpose in mind – help businesses employ and hire hard-working New Jerseyans struggling to get by,” said Greenwald (D-Camden). “The governor may prefer tax cuts for the rich, but the fact is that our businesses – especially small businesses that are the lifeblood of this state – have been shoved backwards by these vetoes. That’s especially hurtful because the governor promised businesses that he would sign the single sales factor tax change.”
“Being a leader requires more than news conferences in which you proudly commend yourself over and over again,” said Coutinho (D-Essex). “It means working together to improve our state’s economy and make the tough decisions to properly plan ahead. These job-creating bills required a little bit of planning ahead, which is I guess why the this so-called tough talking governor simply turned around and threw them in the garbage.”