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The Greater Atlantic City Chamber would like to thank the following sponsors:
COAH - Senate committee approves bill to suspend developers' fee
Since July, developers of certain nonresidential projects have been required pay a 2.5 percent fee on those projects to provide funding for the construction of affordable housing. This bill would exempt projects through July 2010.
"The 2.5 percent tax is an impediment to our economic recovery," said state Sen. Raymond Lesniak (D-Union), who sponsored the bill. "Increasing costs of development to pay for affordable housing … damages job creation, and is a disincentive to investment in our economy."
In addition to placing a moratorium on the 2.5 percent fee, the proposed legislation would put an end to housing obligations relating to nonresidential growth and force municipalities to reimburse the $14 million in fees that have already been collected. The bill now goes to the full Senate for a vote. The Chamber strongly supports eliminating the 2.5 percent fee.
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