Scroll Top

Sarlo Statement On Homebuyer’s Tax Credit Veto

Senator Paul A. Sarlo speaks with municipal officials during the League of Municipalities Mayors Legislative Day at the Statehouse Annex on Wednesday, February 24.
News & Releases Paul A. Sarlo

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.”

Related Posts

Sarlo: Rising Inventory Of Lower-Priced Homes Shows Christie Homebuyers’ Tax Credit Veto Misguided

TRENTON – Citing data that shows the inventory of unsold homes in New Jersey rising since the expiration of the federal homebuyers’ tax credit, Senate Budget and Appropriations Committee Chairman Paul Sarlo today said lawmakers need to begin the process of overriding Governor Christie’s veto of bipartisan legislation he sponsored to enact a new state credit.

According to data compiled by real estate trend-watcher Otteau Valuation Group and reported in the New York Times, New Jersey home contract signings dropped to their lowest point in six years after the federal tax credit program ended at the end of April. The state’s existing inventory of homes priced under $400,000 has jumped 48 percent – to 13.4 months’ worth from 9 months – and the stock for homes priced between $400,000 to $600,000 has increased 22 percent to 11.6 months.

27 Jul 2010
Cunningham Bill Would Provide Cost Of Living Increase For Senior And Disabled Utility Assistance Program

TRENTON – A measure sponsored by Senator Sandra B. Cunningham which would provide for an annual cost-of-living increase in the amount of funding the State allocates for the Lifeline benefit program, which provides utility assistance for qualified senior citizens and disabled, was approved today by the Senate Economic Growth Committee by a party line vote of 3 to 2.

“At a time when New Jersey residents are overburdened with excessively high energy costs, this legislation would work to provide the State’s neediest residents with an annual boost to their Lifeline benefits that is in keeping with inflation,” said Senator Cunningham, D-Hudson, who serves as Vice-Chair of the Senate Economic Growth panel.

21 Feb 2008
Senate Approves Cunningham/Ruiz Bill To Provide Cost Of Living Increase For Senior And Disabled Utility Assistance Program

TRENTON – A measure sponsored by Senators Sandra Bolden Cunningham and Teresa Ruiz which would provide for an annual cost-of-living increase in the amount of funding allocated by the State for the Lifeline benefit program, which provides utility assistance for qualified senior citizens and disabled residents was unanimously approved today by the Senate.

“You don’t have to be an economist to know that New Jerseyans are overburdened with excessively high energy costs,” said Senator Cunningham, D-Hudson. “The residents who qualify for Lifeline benefits, members of the State’s low-income senior citizen, and disabled populations live on fixed incomes, and too often must choose between paying their energy bills and buying other necessities like food and medication. This legislation would provide some of the State’s neediest residents with an annual boost to their Lifeline benefits that is in keeping with inflation.”

24 Nov 2008