TRENTON – Senator Paul Sarlo (D-Bergen), chairman of the Senate Budget and Appropriations Committee and sponsor of the bill to create the New Jersey Homebuyer’s Tax Credit Program, today released the following statement on the Governor’s veto of the legislation. The bill (S-692) was approved in the Senate on June 10, 2010, by a vote of 38-0; it passed the Assembly by a vote of 67-8-2:
“On the day we learned New Jersey’s economic recovery would likely lag behind everyone else’s, the Governor’s veto has now made it all but a certainty.
“The homebuyer’s tax credit program would have reinvigorated the building industry and provided a much-needed boost to the state’s slumping economy.
“This action the governor took today will only exacerbate our economic problems. It is beyond disappointing.”