OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Honoring the Neighborhood Revitalization Tax Credit Program

Date: July 17, 2008
Location: Washington, DC
Issues: Business and Consumers Taxes Government Budget and Spending


HONORING THE NEIGHBORHOOD REVITALIZATION TAX CREDIT PROGRAM -- (Extensions of Remarks - July 17, 2008)

SPEECH OF
HON. FRANK PALLONE, JR.
OF NEW JERSEY
IN THE HOUSE OF REPRESENTATIVES
THURSDAY, JULY 17, 2008

* MR. PALLONE. Madam Speaker, today I would like to recognize the achievements of the Neighbor Revitalization Tax Credit Program in New Jersey. This program allows New Jersey Corporations to allocate State corporate tax dollars to specific and approved nonprofit programs that revitalize a community.

* Sanofi-Aventis pharmaceuticals took advantage of this program and dedicated $1 million of their State corporate tax dollars to the Unity Square project. This project will acquire and develop 11 housing units for New Brunswick residents.

* In addition to subsidizing the new housing, a portion of the funds will also be used to hire a nurse practitioner and a registered nurse to work extended hours at a local health clinic. The extended hours will enable the clinic to serve an additional 400 to 500 patients a year who would otherwise not receive medical care.

* It is with great pleasure that I ask my colleagues to join me in commending Sanofi-Aventis, New Brunswick Mayor James Cahill, and the State of New Jersey for their dedication and creativity addressing unmet housing and medical needs.


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