TRENTON – A measure sponsored by Senator Fred H. Madden and Assemblyman David R. Mayer, which would establish the “New Jersey Tax and Fiscal Policy Study Commission” received final legislative approval today in the Assembly by a vote of 52 to 25.
The Commission was a key recommendation of the Joint Committee on Constitutional Reform and Citizens Property Tax Constitutional Convention (JCCR), of which Senator Madden was a member.
“Right now, I believe the best solution is to establish a Commission of trained professionals to examine our tax structure from all angles and to recommend further actions designated to save State dollars,” said Senator Madden, D-Camden and Gloucester. “New Jersey must be able to meet the needs and demands of residents and continue to provide the services they need, while saving money. There has to be a way to do both, and creating a game plan to do so will be the task of this Commission.”
“This Commission will help examine possible reforms that will move our state’s tax and fiscal policies forward,” said Assemblyman Mayer. “We must continue to provide our residents with the services they depend on while reforming our policies to make living here more affordable.”
The bill, S-50, would establish a nine-member Commission designed to study State and local tax structures and other fiscal issues. The Commission would be required to report annually to the Governor and the Legislature on study results, observations and recommendations aimed at reforming fiscal matters statewide.
The Commission would be comprised of academic and business professionals with knowledge and practical experience in the implementation of tax and fiscal policy. Members would be appointed by the Governor and members of the Legislature to serve a four-year term.
This measure was approved by the Senate by a vote of 27-10 on December 11, 2006. It now heads to the Governor’s desk where his signature would make it State law.