Caputo Introduces Bill to Help NJ Towns Stabilize Property Taxes after a Major Business Pulls up Stakes
“Corporate Disinvestment Property Tax Relief Act” Would Work to Prevent Immediate Property Tax Hikes in Wake of Business Departure; Measure Stems from Roche Announcement to Abandon Nutley
(NUTLEY) – Assemblyman Ralph R. Caputo recently introduced legislation that would help New Jersey municipalities absorb the devastating impact to property tax rates that occurs when a major business pulls up stakes and relocates out of the town or the state.
The “Corporate Disinvestment Property Tax Relief Act” (A-3807) stems in large part from the June 2012 announcement by the drug maker Roche to end their 80-plus year presence in Nutley, a move that cost New Jersey nearly 1,000 jobs and has denied Nutley $9 million in property taxes – almost 10 percent of what the municipality collects annually.
“When a business, like Roche, announces they’re moving their U.S. headquarters out of state, the number of potential jobs lost gets all the attention,” said Caputo (D-Essex), a Nutley native. “What gets overlooked is the serious financial, property tax impact such moves have on the towns that host these businesses. That needs to change.”
To read more, please visit the New Jersey General Assembly Democratic Office Web site.