NAIOP NJ PRAISES CHRISTIE ADMINISTRATION FOR SIGNING MORATORIUM ON COAH JOBS TAX
NEW BRUNSWICK, N.J. – August 24, 2011 – (RealEstateRama) — The New Jersey Chapter of NAIOP, the Commercial Real Estate Development Association, applauds the Christie Administration for signing legislation (S-2974 Lesniak/ Sweeney, A-4221Coutinho/Bucco/Burzichelli) that places a two-year moratorium on the 2.5% non-residential COAH fee (essentially a job-killing tax) for eligible projects beginning July 2011 and ending July 2013.
“Earlier this year, NAIOP NJ members identified over thirty pending projects across New Jersey where this legislation can make the difference in allowing those projects to move forward and create construction and long-term jobs our state so desperately needs”
said NAIOP NJ President George Sowa, of Brandywine Realty Trust. “These projects will also serve to attract new companies to the state as well as retaining existing companies within New Jersey.”
The new law places a two-year moratorium on the 2.5% non-residential development fee and restores the moratorium retroactively to July of 2010. “This critical measure will restore predictability to the industry and get New Jersey back to work while the details of a comprehensive COAH reform bill are hammered out,” Sowa said. “We are grateful to the Governor and the Legislative Leadership for recognizing the need to end this jobs tax and help our industry get back to the business of bringing new jobs to New Jersey.”
The bills, strongly supported by both business and labor, easily passed both houses of the Legislature: the Senate vote was 34-0, the Assembly vote was 78-0.
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Media Contact:
Evelyn Weiss Francisco/ 201-796-7788 / evelyn (at) caryl (dot) com, www.twitter.com/carylcomm
