I just wanted to share a brief update here to summarize the latest news on the proposed tax legislation. If you’d like to read the full update, please visit our website at www.njshoretax.com or visit our FaceBook page
First of all, we wanted to focus on what has been accomplished so far:
- These bills have garnered TWENTY THREE co-sponsors across both houses. It’s simply unheard of and we need to recognize that what we has been accomplished in such a short time is fantastic.
- Through your phone calls and emails to NJ legislators, we now have the attention of Speaker Coughlin who controls legislation in the Assembly. He has now stated publicly that they are “working on legislation” but that he has concerns with the “constitutionality” of the bills.
- The Speaker’s primary concern appears to be that the tax needs to be applied uniformly across New Jersey, which means crafting language that exempts ALL direct-by-owner rentals from the tax.
- The bills are currently being re-written so as to comply with constitutional law and other similar legislation that has been proposed may be combined and the correction may become statewide.
As of right now, we are waiting for the legislature to release the revised bill. There is no timeline for doing so, it could be a few days, a week or more. Once the Speaker approves the new language, it gets referred to each co-sponsor to decide if they want to continue as a sponsor. Once each sponsor has reviewed the bill, it can be put on the committee agenda. The next committee meeting scheduled is for early February but as of right now we don’t know if the bill will be ready for committee yet.