On Monday, the General Assembly voted favorably on A3680 (The New Jersey Economic Opportunity Act of 2013). If enacted, this legislation will make available, $600 million for certain economic redevelopment projects, including residential projects. The money will be distributed in the form of tax credits or grants. The legislation will also consolidate New Jersey’s five business incentive programs into two programs (GROWNJ and ERG). The bill now heads to the Senate for consideration.
Also on Monday, the Senate Health, Human Services and Senior Citizens Committee and the Senate Legislative Oversight Committee heard three hours of testimony from invited guests on the growing trend of hospitals switching from non-profit to for-profit status. Issues raised included concerns with profits overriding patient care and the possibility of healthcare costs increasing. Both Committee Chairs, Senator Joe Vitale (Health) and Senator Bob Gordon (Oversight) hinted to possible legislation on the matter. To hear the testimony, click HospitalTestimony (May 20 at 1 pm).