This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

AP: NJ Sales Tax Rebate Sought In Storm Rebuilding


TRENTON, N.J. (AP) â¿¿ Democrats who lead the New Jersey Assembly have introduced legislation that would provide sales tax rebates to property owners and small businesses repairing damage from Superstorm Sandy.

Assembly Speaker Sheila Oliver and Majority Leader Lou Greenwald introduced the bill Monday to provide sales tax rebates on supplies and services bought between Oct. 30, 2012, and Jan. 1, 2014.

"Our top goal as we move toward recovery must be on finding ways to help New Jerseyans affected by Sandy, and this rebate would be much-needed assistance for individuals and small business owners alike as they look to rebuild," said Oliver, who represents portions of Essex and Passaic counties. "This will help move our recovery forward, and any savings will undoubtedly prove beneficial to those affected."

The legislators said a similar rebate bill became law after Tropical Storm Floyd in 1999. It's not known how much sales tax revenue the state would stand to lose.

But Greenwald, who represents portions of Camden and Burlington counties, said a sales tax relief program would spark economic activity in areas most heavily damaged by the superstorm.

The measure would allow for sales tax rebates with receipts on construction materials, carpeting, appliances, vehicles, contracting services and more.

For homeowners, rebates would be offered only on goods and services for primary residences.

To receive the benefit, storm victims affected and contractors making purchases on behalf of storm victims would have to pay the applicable tax at the point of purchase, then file a rebate claim with the Department of the Treasury.

The bill would require the director to return the rebate within six months of the date the claim is filed. The bill also would require the director to pay interest on rebates not returned to storm victims within that frame of time.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,069.14 -134.23 -0.74%
S&P 500 2,096.91 -10.87 -0.52%
NASDAQ 4,964.9670 -14.9340 -0.30%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs