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New Jersey Bills Expected to be Passed

TRENTON, New Jersey – As reported by the Press of Atlantic City: "Two casino-related bills were on track to be passed by the state Legislature as it met in a marathon session Thursday evening. The bills headed up a host of legislation that could affect southern New Jersey.

"The was no action on most of the legislation as of late Thursday, and the Senate and Assembly planned to remain in session until early this morning.

"…The first casino bill would pave the way to extend by 15 years the time casinos were obligated to pay into the Casino Reinvestment Development Authority, or CRDA.

"Casinos pay 1.25 percent of their revenue to the CRDA, which then uses the money to fund projects in Atlantic City and elsewhere statewide.

"…The other casino bill would provide a way for the state to phase out the $26 million annual "Comp Tax" on free hotel rooms and meals provided by the casinos.

"The bill would reduce the tax, which stands at 4.25 percent, by one-third next year, another third in 2006 and the final third in 2007.

"That bill was part of a Gov. James E. McGreevey's $90 million plan to partially offset a budget deficit last year with taxes on the Atlantic City casino industry…"

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