In an effort to address the burden of rising property taxes and concerns regarding the State’s fiscal health, legislation sponsored by Assembly Majority Leader Louis Greenwald (D-Camden, Burlington) to establish a 12-member commission charged with conducting an ongoing study of significant economic and fiscal issues confronting the State was approved in the Assembly Appropriations Committee on Thursday.
The bill (A-6118) seeks to implement one of the New Jersey Economic and Fiscal Policy Working Group’s recommendations, a taskforce co-chaired by Majority Leader Greenwald, part of the Path to Progress report issued on August 9, 2018.
Majority Leader Greenwald released the following the statement:
“As New Jersey faces some of the highest property taxes in the nation, coupled with federal changes to the tax code, it’s imperative that we continue to seek ways to alleviate the burden and secure a more affordable future for our taxpayers.
“Bringing together the expertise of economists, academics and tax experts to evaluate our tax structures, as this bill would do with the creation of the New Jersey Economic and Fiscal Policy Review Commission, would help pave the way for solutions that create cost-savings and make long term fiscal health in the State achievable.”
The bill now goes to the Speaker for further review.