TRENTON – Senator Barbara Buono (D-Middlesex) released the following statement regarding the Governor’s pocket veto of S-668 and S-3072. S-668 would have provided New Jersey residents who save for their children’s college education through a state-administered college savings plan with a state income tax deduction for their investments. S-3072 would have promoted the establishment of partnerships between institutions of higher education and the business community to increase collaborative research and innovation:
“By providing families with a tax deduction of up to $10,000 for putting money into their children’s NJ BEST account, S-668 would have encouraged parents to save for their children’s futures. The Governor’s short-sightedness could cost New Jersey’s children and their parents the ability to pay the increasing costs of college, making our future workforce much less prepared for a global economy.
“During Governor Christie’s State of the State address, he touted the need to provide a competitive environment where businesses would choose New Jersey over other states to grow and expand their businesses and to create jobs. His actions speak louder than his words. By pocket vetoing S-3072, he has ignored an opportunity for businesses to partner with academic institutions, such as New Jersey’s colleges and universities, to drive innovation in the state. Not only would this program have helped New Jersey’s students develop skills to prepare them for careers in high-demand sectors, it would also have strengthened our workforce, making the Garden State a more attractive place to start and grow a business.
“As we move into this new legislative session, I hope that Governor Christie puts aside partisan politics, and supports legislation that would truly benefit New Jersey’s children, middle- and working-class families and businesses looking to create jobs that are actually in demand and increase economic security.”