(TRENTON) – Assembly Budget Chairman Lou Greenwald (D-Camden), sponsor of legislation (A-1678) vetoed by Gov. Chris Christie that would have created a homebuyer tax credit in New Jersey to create thousands of new construction jobs and boost economic growth, released this statement Wednesday after a new report showed New Jersey’s unemployment rate rising to 9.7 percent in July:
“This report is terrible news for New Jerseyans, but also one of the many unfortunate consequences of Gov. Christie’s inability to understand the job-creating benefits of this New Jersey homebuyer tax credit.
“Everyone knew this veto meant carpenters, bricklayers, plumbers, pipefitters and builders would continue to struggle to find work, and this report makes it even more clear that the private sector continues hurting.
“This tax credit would have created an estimated 18,150 jobs, bringing in more than $500 million in state income tax revenue.
“And when a home is sold in New Jersey, income generated from real estate related industries and expenditures such as furniture and appliances totals nearly $40,000.
“That equals higher revenues for the state, including increased sales and income tax collections that would be more than enough to cover the $33 million per year cost of this 3-year tax credit program especially designed to help the middle-class.
“Fortunately, this bill was overwhelmingly supported by Democrats and Republicans, passing 67-8 in the Assembly and 38-0 in the Senate, so I look forward to getting the chance to correct the governor’s mistake and to steer New Jersey back toward job creation and economic growth.”