16 Oct: Rice Bill Looks To Create Incentives For Renovating Fire Damaged Buildings

TRENTON – Legislation sponsored by Senator Ronald L. Rice to allow a municipality to grant short-term tax exemptions for organizations using volunteer labor when rebuilding houses destroyed by fires was approved today by the Senate Community and Urban Affairs Committee.

“Trying to rebuild a home in the wake of losing so much to a major disaster is devastating,” said Senator Rice, Chairman of the Committee. “We need to do what we can to lessen the burden on homeowners. Without tax exemptions, the owners may no longer be able to afford their homes because of the higher taxes assessed to the now, significantly more valuable home.”