Housing and Community Development Network of New Jersey (the Network) Addresses State and Federal Tax Proposals Announced Today

Lauds Congressional Move to Help Sandy Victims, Pans Governor’s Proposal

TRENTON – April 16, 2013 – (RealEstateRama) — Elected officials took advantage of the significance of tax day to announce various tax relief proposals. Following separate announcements by Governor Christie and a bipartisan congressional group, Housing and Community Development Network of New Jersey (the Network) Executive Director Staci Berger issued the following statement:

“Today we were introduced to various proposals aimed at giving a boost to New Jersey’s struggling residents. Some plans hit the mark and some missed it completely. We applaud the efforts of lawmakers like U.S. Reps. Bill Pascrell, Jr. (D-09) and Frank LoBiondo (R-02) for their efforts to provide tax relief for victims of Sandy, with a focus on low-income residents.

“Unfortunately, Governor Christie’s proposal is a rehash of his failed attempt last year to cuts taxes for the wealthiest New Jerseyans. His proposal to cut taxes for low-income residents using the Earned Income Tax Credit program is a quid pro quo for a tax cut for folks making $400,000. This would only restore the EITC to what it was before he, himself, cut it.

“Further, the property tax credit for renters is simply not enough. If we have enough money to help the wealthiest residents in NJ, we can do more and do it quickly for renters, especially lower income residents who were harmed by Sandy. Nearly half of those impacted by the storm were renters, and of those more than 60% earned less than $30,000 annually. We know that tax cuts and credits that go towards low-income residents help spur economic growth. The governor’s plan does the opposite, which is really unfortunate for the people who were hurt by Sandy and those impacted by the economic tsunami still affecting our state.”

The Housing and Community Development Network supports New Jersey’s community development sector, collaborating with more than 250 members including community development corporations and other organizations to create affordable homes, expand economic opportunities, and build strong communities. For more information on the Network, visit www.hcdnnj.org.