Assembly Committee Supports Sandy Tax Bill

Housing and Local Government
Committee Approves 6-0 ACR193

Assemblywoman Mila M. Jasey On June 6, 2013, the Assembly Housing Committee approved ACR193 which “Memorializes Congress to support efforts to increase allocation of Low Income Housing Tax Credits (LIHTC) and New Market Tax Credits in declared Hurricane Sandy disaster areas.”

The vote occurred during the Housing and Community Development Network‘s (HCDNNJ) Lobby Day 2013. The vote supported the theme of the day – NJ Needs More Homes and Jobs.

ACR193 now goes to the full Assembly for a vote.

The primary sponsors – Assemblywoman Mila M. Jasey and Assemblywoman Nancy F. Munoz – as well as Assemblyman Troy Singleton who co-sponsored the legislation, crafted the legislation in support of The Hurricane Sandy Tax Relief Act of 2013 (H. R. 2137).

H.R. 2137 is sponsored by Congressman Bill Pascrell and co-sponsored by Congressmen Frank LoBiondo and Rodney Frelinghuysen and would increase the housing credit ceiling for New Jersey to $8 per capita, provides $250 million in New Market Tax Credits, and makes other important tax changes to assist in the recovery from Sandy.

In addition to the three NJ congressional sponsors, eight of the co-sponsors are from NJ.

Click here to read the full text of the bill.

Assemblywoman Nancy F. Munoz In addition, to developing long-term affordable and supportive housing, the LIHTC and New Market Tax Credits  leverage significant public and private resources and create jobs.

For example in New Jersey, since the inception of the LIHTC program in 1986 our combined efforts have created:

  • 45,149 affordable apartments and
  • 52,373 jobs
  • $4.0 billion of local income
  • $388.3 million in state and local revenue and
  • $1.1 billion in federal revenue.

Senators Ronald L. Rice and Shirley K. Turner are the primary sponsors of a companion bill to ACR193 in the Senate, SC153.