TRENTON – Legislation sponsored by Senators Ronald Rice and Nia H. Gill to create a state aid program to help offset property tax losses in municipalities caused by the departure of a large-scale business was approved today by the Senate Community and Urban Affairs Committee.
“When a large business leaves a town or city, the community not only suffers job loss but also from the sudden loss of revenue. This can result in funding cuts to public safety, municipal services and to programs within local schools,” said Senator Rice. “The fund created under the bill will provide temporary state aid to compensate for the lost property tax revenues until the tax base sufficiently recovers. This will help protect against severe tax hikes or service cuts that could jeopardize the quality of life for residents in the community.”