(TRENTON) – Assembly Speaker Vincent Prieto (D-Hudson/Bergen) released the following statement Thursday after Gov. Chris Christie vetoed legislation he sponsored to spark economic development and create jobs.
The bill (A-3952) required that, as of July 1, 30 percent of the reduced rate sales tax revenues collected by qualified businesses in Urban Enterprise Zones be deposited to the accounts held in the Enterprise Zone Assistance Fund in the name of the respective municipalities. The remaining 70 percent of those revenues would have been deposited in the state’s general fund. For several years, all funds statutorily due to the zones have been redirected to the state’s general fund:
“This was a simple, easily doable and fiscally responsible change designed to help urban areas compete for shoppers, attract new businesses and prosper economically.
“The Urban Enterprise Zone initiative is one of our state’s most powerful economic drivers and this legislation would have been a strong step toward improving the program and helping our urban areas become more competitive by creating more jobs.
“New Jersey has lagged behind the nation in the economic growth, so we cannot afford to this chance to create jobs and boost our economy, but sadly Gov. Christie’s veto is a costly missed opportunity. With these simple, common sense changes, we would have been boosting economic development and creating jobs in the places that need it most.
“I will review all options as we consider this veto and where we can go from here to ensure this important policy initiative becomes reality.”