SENATE ECONOMIC GROWTH COMMITTEE

STATEMENT TO

SENATE, No. 1562

STATE OF NEW JERSEY

DATED: FEBRUARY 16, 2012

      The Senate Economic Growth Committee reports favorably Senate Bill No. 1562.

      This bill increases the maximum amount of tax credits allowable under the “Urban Transit Hub Tax Credit Act,” P.L.2007, c.346 (C.34:1B-207 et seq.), from $1.5 billion to $2.5 billion, and the maximum amount of tax credits allowable under the “Grow New Jersey Assistance Act,” P.L.2011, c.149 (C.34:1B-242 et al.), from $200 million to $400 million.