In a previous blog post we discussed the unintended consequences and proposed legislative corrections to New Jersey's 11.65% tax on short-term rental properties located within the State (referred to colloquially as the "Airbnb Tax"). Since then, the competing bills were consolidated and on June 27, 2019, the Legislature voted 74-0-1 in near unanimous favor of the revised Assembly Bill 4814 (“AB 4814”).
In Part 1 of this series, we discussed the circumstances that have led to the planned phase-out of the London Inter-bank Offered Rate, commonly referred to as “LIBOR”. In this part of the series, we will discuss the proposed replacement rate referred to as the Secured Overnight Financing Rate (“SOFR”).
On June 10, 2019, the New Jersey State Assembly passed legislation, A-1677, which would suspend penalties for businesses that make certain paperwork violations of state laws.
Small to mid-sized business owners often partner with other businesses to develop strategic relationships for growth, profitability, and additional market share opportunities. This relationship is referred to as a joint venture.
Memorial Day weekend marks the unofficial start of the summer season along the Jersey Shore. As the tourist season begins in earnest, the New Jersey Legislature is working quickly to pass legislative fixes intended to alleviate aspects of New Jersey's 11.65% tax on short-term rental properties located within the State (referred to colloquially as the "Airbnb Tax").
The widely publicized phase-out of the London Inter-bank Offered Rate (commonly referred to as LIBOR) has been cast as the most significant challenge facing global finance over the next several years. The Financial Conduct Authority’s (“FCA”) decision to end its oversight of LIBOR virtually guarantees LIBOR’s demise by the end of 2021.
It is generally thought that backdating an agreement is done with an intent to deceive. However, backdating documents is practical in certain instances where the parties made an agreement on a certain date but were unable to memorialize that understanding in writing on that date.
On April 9, 2019, the New Jersey Economic Development Authority (NJEDA) authorized the creation of a revised Brownfields Loan Program (the "Program") to provide low-interest financing to borrowers in an effort to facilitate remediation of vacant or underdeveloped brownfields sites and return such sites to full and productive use, particularly in the under-served communities within the State. The Program is an expansion of the NJEDA's existing Brownfields Loan Program.
Local businesses within a commercial corridor looking to revitalize the economic, physical, and social value of its business should encourage their respective municipality to form Improvement Districts (“ID”).
On March 12, 2019, Governor Phil Murphy and legislative leaders announced an agreement on the legalization of adult-use marijuana in New Jersey. This agreement sets up the possibility of a vote on adult-use marijuana legislation before March 25, 2019.