Around the State
Avis Hopes Rate Hike Will Put Brakes on Losses
PARSIPPANY — Vehicle rental company Avis Budget Group Inc., based in the Morris County township, said it would
increase rates by $3 per day and $20 per week on certain retail car rentals, effective Dec. 1. The rate hike goes into
effect across the country for airport and certain off-airport car rentals, though the increase does not affect corporate
accounts or other special agreements made with Avis.
Avis, Budget and the Budget Truck brands comprise the Avis Budget Group. Avis says it is increasing the rates
in response to rising costs of the industry.
The company maintains a fleet of more than 425,000 vehicles around the globe. Though gasoline prices have
fallen, car rentals have followed the general decline of the travel industry: Avis reported a $1 billion net loss on revenue
of $1.7 billion for its third quarter ended Sept. 30. That compares with $103 million in net income on $1.72 billion in
revenue for the prior-year period.
A decline in rental sales and annual revenue for Avis Budget Group has result- Avis said its revenue declined for the period primarily due to decreases in car rentals and rising expenses resulting
ed in its increase in daily and weekly rates that were put into effect Dec. 1. from reduced market valuations for its vehicle services, along with increasing financing costs. – João-Pierre S. Ruth
ments on capital purchases of ence this week from Dec. 1 to Dec. industries. Speakers will include ple who have recently applied
Corzine Signs First of $5,000 or more. That bill is now 3. This will be the first time that Dennis Bone, president of Verizon for a mortgage, and requires
Pro-Business Bills headed to the governor’s desk. the state has held such an event — New Jersey and chairman of the lenders launching foreclosure
The Senate also approved it previously had held separate New Jersey State Employment and actions to file quarterly reports
TRENTON — Gov. Jon S. Corzine three pro-business bills that need to conferences for its different divi- Training Commission, and Gov. with the state Department of
last week signed a bill into law that return to the Assembly so it can sions, but decided this year to Jon S. Corzine, who will deliver Banking and Insurance.
will permanently extend the num- approve amendments. They are: combine the conferences into one the keynote address. – Evelyn Lee The bill, which passed 29-9, is
ber of years companies can spread • A-2722, repealing a corporation larger event. said to have the support of Gov. Jon
out net operating losses to 20 business tax provision that allows Some 700 local businesses, S. Corzine.
years, up from seven. It’s the first New Jersey to tax businesses on labor unions, faith-based organi-
Foreclosure Victims Berger said she hopes at least
of several pieces of pro-business income earned in another state if zations and community-based Get Some Relief two other provisions that didn’t
legislation — from growth incen- that state doesn’t tax the income. organizations are expected to win Senate approval find support
tives to tax reforms — the gover- • A-3377, which would appropriate attend the conference, which will Homeowners in New Jersey facing in the Assembly vote on the bill.
nor is expected to sign before the $50 million to establish the the risk of foreclosures cheered last One allows homeowners who lose
end of the year. Main Street Business Assistance week as the state Senate passed a their homes to remain in the prop-
Steven J. Dundas
Under the highly touted bill, Program, to provide loans and bill that aims to keep them in their erty as tenants by paying market
long sought by lobbyists, busi- guarantees to small- and mid- homes and expand mortgage refi- rent until it’s sold, she said. Anoth-
nesses that suffer a loss in size businesses and nonprofit nancing assistance. er requires creditors seeking fore-
one fiscal year would be able to corporations. “The new measures will help closures on adjustable rate loans
deduct those losses from taxes • S-5, which would allow more