Delay on NJ Tax Incentive Bill Hampering Real Estate DealsJuly 24, 2013 – In The News
Robert Klausner was quoted in the Law360 article "Delay on NJ Tax Incentive Bill Hampering Real Estate Deals." While the full text can be found in the July 24, 2013, issue of Law360, a synopsis is noted below.
The New Jersey State Senate’s failure to take up a corporate tax incentive bill before breaking for summer recess could have serious repercussions for the state’s commercial real estate industry, attorneys say.
The New Jersey Economic Opportunity Act of 2013 creates incentive and extends existing incentive programs to businesses across the state. After the Assembly passed an amended version of the bill in June, it is now up to the Senate to take it up, after they had passed a prior version of the bill. With the Senate now adjourned until at least August 26, the delay in the ruling on the bill could have serious consequences for businesses in New Jersey.
Robert Klausner says while companies that aren’t planning to expand or move to New Jersey may be lured by the incentives, those with decisions to make will probably not depend too much on the bill. “There are so many variables affecting the marketplace, anybody telling you the act is going to spur development or not is just guessing,” Klausner said.