If you’re wondering what’s going on (or not) in Trenton on two big issues–Transportation Trust Fund and the state worker pension ballot question–you’ll find a good update on both below. It was sent by Tony Russo (CICNJ’s man in Trenton) to members of the Commerce and Industry Association of New Jersey.
_____________________________________________________
Good morning:
Here is the latest from Trenton…….
Transportation
Trust Fund (TTF) (i.e., gasoline tax)
Trust Fund (TTF) (i.e., gasoline tax)
· The stalemate continues over a proposed increase in the
gasoline tax. Last week, the Senate Budget & Appropriations Committee
cleared legislation which would do the following:
gasoline tax. Last week, the Senate Budget & Appropriations Committee
cleared legislation which would do the following:
1. Raise the gasoline tax an additional
23 cents per gallon bringing the total per gallon to 37.5
cents (diesel tax would also increase)
23 cents per gallon bringing the total per gallon to 37.5
cents (diesel tax would also increase)
2.
Phase out the estate tax over a four year period. Taxable
threshold in 2017 would be raised to $2 million (from $675,000)
Phase out the estate tax over a four year period. Taxable
threshold in 2017 would be raised to $2 million (from $675,000)
3.
Raise the earned income tax credit to 40% of federal benefit
Raise the earned income tax credit to 40% of federal benefit
4.
Allows veterans to exempt $3,000 of personal income from
state income tax
Allows veterans to exempt $3,000 of personal income from
state income tax
5.
Allows for a $250 income tax credit for those earning less
than $100,000…called the personal motor fuel tax deduction
Allows for a $250 income tax credit for those earning less
than $100,000…called the personal motor fuel tax deduction
6.
Increases the pension & retirement income exclusion from state income
taxes to $100,000
Increases the pension & retirement income exclusion from state income
taxes to $100,000
· The Senate version does not include the 1% sales tax cut supported by
the Governor and Assembly in June…..Meaning the Assembly would need to
vote again on the measure and as of today no Assembly session has been
scheduled and
the Governor and Assembly in June…..Meaning the Assembly would need to
vote again on the measure and as of today no Assembly session has been
scheduled and
· The Governor is already on record saying the measure is
“dead on arrival”. He wants more “tax fairness” in
the bill
“dead on arrival”. He wants more “tax fairness” in
the bill
· So the issue becomes whether the Senate and Assembly
have the votes to override a veto by the Governor. The magic numbers are
27/40 votes in Senate and 54/80 votes in Assembly. Not sure the votes are
there to override a veto
have the votes to override a veto by the Governor. The magic numbers are
27/40 votes in Senate and 54/80 votes in Assembly. Not sure the votes are
there to override a veto
To view the Senate version of the
measure see here
measure see here
Pension
Question Amendment
Question Amendment
· If the Senate does not act by August 8th on a resolution to add a question to November’s
ballot about mandating pension payments, the measure will be delayed for
another year
ballot about mandating pension payments, the measure will be delayed for
another year
· If the measure makes the ballot, voters will be
asked to amend our state constitution to require quarterly pension
payments
asked to amend our state constitution to require quarterly pension
payments
· While CIANJ supports funding our state pension system, we do
not support amending our State Constitution to accomplish the goal.
CIANJ believes doing so will lead to higher taxes and cuts in
services
not support amending our State Constitution to accomplish the goal.
CIANJ believes doing so will lead to higher taxes and cuts in
services
Miscellaneous
· The Senate cleared legislation allowing for
unemployment compensation during labor disputes. The measure now heads to
the Assembly for consideration. CIANJ opposed the measure. To view
the bill see here
unemployment compensation during labor disputes. The measure now heads to
the Assembly for consideration. CIANJ opposed the measure. To view
the bill see here
· On August
8, Senate Committees will focus on
higher education, the environment and hand guns. The focus on higher ed
will be college loans while the Senate Environment & Energy Committee will
focus on regulating recycling industries. A public hearing will be held dealing
with the issue of carrying hand guns in New Jersey.
8, Senate Committees will focus on
higher education, the environment and hand guns. The focus on higher ed
will be college loans while the Senate Environment & Energy Committee will
focus on regulating recycling industries. A public hearing will be held dealing
with the issue of carrying hand guns in New Jersey.
As always, I am
available to discuss any of these matters in more detail. Enjoy your
summer and thanks for your membership.
available to discuss any of these matters in more detail. Enjoy your
summer and thanks for your membership.
Anthony
Russo
Executive Vice President- Government Affairs & Communications
Commerce and Industry Association of New Jersey
61 South Paramus Road
Paramus, New Jersey 07652
Phone # 201-368-2100
Fax # 201-368-3438
Cell # 908-415-4597
arusso@cianj.org www.cianj.org
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