Three legislative initiatives sponsored by Senator Steven Oroho (R-Sussex, Warren, Hunterdon, Morris) were recently signed into law by the Governor.
The first new law extends tax-exemption eligibility for low-income senior housing projects. The legislation was drafted to address a situation at Knoll Heights Village, an age-restricted community in Sparta, as well as other projects across the state.
“This law will help age-restricted communities control costs while providing residents with the quality of life they deserve,” said Oroho. “We shouldn’t cut off assistance to low-income senior communities as soon as they pay off their mortgage. That not only disincentives facilities from paying off their debt early, but it could potentially force these communities to close their doors once the support stops. Through extending their tax-exemption eligibility, these facilities will have a chance to take money that would otherwise go toward paying taxes and use it for expenses that are crucial to their continued operation.”
Oroho’s second law entitled the “Pass-Through Business Alternative Income Tax Act,” establishes an elective entity-level tax to be paid by pass-through businesses, and provides an offsetting credit to taxpayers who receive income from a pass-through business. It is a product of the Economic and Fiscal Policy Workgroup, and a part of the “Path to Progress” initiative.
“This law will save hundreds of millions of dollars for the many New Jersey small businesses that are registered as S Corporations and pay their corporate taxes through the state income tax, as well as all of the law firms, medical groups, accounting practices and other partnerships that were created as LLCs,” added Oroho, who is a Certified Financial Planner.
Oroho’s final law establishes New Jersey “Food Hub” opportunities for local farmers.
“The creation of Garden State ‘food hubs’ will provide farmers with access to new markets and help more locally grown ‘Jersey Fresh’ produce reach our neighborhoods.”