Looking for a tax break

 

 

 

Legislation introduced by Assemblyman Anthony Impreveduto on May 20 would require the state to channel excess revenues to municipalities in Hudson and Bergen counties so they can reduce local property taxes.

 The bill (A2623) would provide up to $77 million to municipalities without any "dire" consequences on state finances, said Impreveduto.

 "The communities in my district would be encouraged to use these unanticipated revenues to offset their operating costs, thereby reducing property taxes for local residents," he said. "I'm pleased to be playing a role in security this much needed tax relief."

 Projected figures for towns in Hudson County include $148,971 for Secaucus and $312,012 for North Bergen.

 Impreveduto said Republican leaders in the state Senate and Assembly had embraced the legislation and may be duplicated by the Republicans in their revised 1994 state budget.

 "This money belongs to the citizens of the state and the best way to give it back to the people would be in the form of property-tax relief," he said

 Impreveduto said an addition $67 million would be available if the Republicans allow utility tax money to be distributed to the municipalities. For Secaucus it would mean another $129,624 and for North Bergen, $271,491.

 The unexpected influx of aid stems from a recently discovered windfall in the Gross Receipts Franchise Tax that utilities pay. Impreveduto said the state anticipates collecting $144 million more than expected between now and July 1, 1994. He said $77 million will be realized in the current fiscal year which ends on June 30. The additional $67 million would come between this July and June 30, 1994.

 "When the state stumbles upon unexpected revenue, it should not allow to hoard it all for itself," Impreveduto said. "We have a moral commitment to pass the money onto the people whom we serve."

 The utility gross receipts tax has been levied since the early 1900s. It is intended to compensate local officials for use of public street, roads and other municipal land by the utilities. Under a 1991 law that revised the way utility taxes are calculated, the state is supposed to return to the municipalities any excess revenues collected under this tax.

 "But the state budget that the Republicans passes over the objections of Governor Florio last June contained language that allowed the state to hold onto unanticipated utility tax revenue," Impreveduto said. "This bill would supersede the Republican budget language." <197>ADS

 

Hudson Reporter archive 1993


email to Al Sullivan

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