Committee moves bill expanding revitalization tax

The pool of money available under the neighborhood revitalization tax program would expand from $10 million to $15 million under a bill moved by the Senate Community and Urban Affairs committee Thursday.

The bill, (S2245), also would expand the program to include gross income tax payers.

Currently, the program provides a dollar for dollar tax credit to any corporation that donates money to a non-profit for use in a neighborhood revitalization project.  The maximum credit available is $1 million per calendar year.

"I’m an undertaker by trade, so when I bury somebody, they don’t come back."
—Bergen County Democratic Chairman Lou Stellato