TRENTON – The Senate today approved by a vote of 27-10, a measure sponsored by Senator Fred H. Madden which would establish the “New Jersey Tax and Fiscal Policy Study Commission.”
“The findings of the Joint Committee on Constitutional Reform and Citizens Property Tax Constitutional Convention (JCCR) held over the past few months prove that it’s time to examine and revamp the fiscal policy and tax structure of the State,” said Senator Madden, D-Camden and Gloucester. “These issues should be continually studied by a group of individuals trained to handle governmental fiscal matters, which makes the creation of this Commission necessary.”
Senator Madden’s 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.
“It’s a well-known fact that New Jersey’s property taxes are some of the highest in the nation. This Commission would work to help reduce property taxes, while ensuring that the State can continue to meet the needs and demands of residents.”
This measure now heads to the Assembly for approval.