Bill Designed to Promote Economic Growth and Job Creation
(TRENTON) – Legislation Assembly Democrats John Burzichelli, Troy Singleton and Pamela Lampitt sponsored to reinstate a moratorium on a nonresidential construction fee while the state economy continues to rebound was approved XX-XX Thursday by the Assembly.
The bill (A-4457) re-instates the moratorium on the imposition of fees on non-residential construction projects that expired on July 1 and continues the moratorium through Dec. 31, 2014.
The money raised by the fee is used to fund affordable housing projects.
“We all support affordable housing, but we also must be cognizant that the state’s economy continues to struggle with high unemployment and paltry economic growth,” said Burzichelli (D-Gloucester/Salem/Cumberland). “This moratorium is the right thing to do until we’re confident the economy has rebounded and we’ve created enough jobs to sustain the recovery.”
“Job creation and economic growth is a priority,” said Singleton (D-Burlington). “With the state economy continuing to struggle, this is not the time for more fees that can shake business confidence, cost jobs and slow economic development. This is a sensible approach.”
“We must continue our focus on creating jobs and growing our economy,” said Lampitt (D-Camden/Burlington). “This is sound public policy designed to spark expanded economic growth that would benefit working class residents struggling to make ends meet. It’s the right thing to do.”
Under the provisions of the bill municipalities are required to return any monies paid during the time period commencing on July 1 through the effective date of the bill due to the previous expiration of the moratorium.
However, municipalities that are eligible to collect non-residential development fees would not be required to refund monies that have already been expended by the municipality on affordable housing projects.
The bill will be referred to the Senate for consideration.