Corzine Signs First of Pro-Business Bills

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                                                                                                     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              
				
DOCUMENT INFO
Description: Senate President Richard Codey (D-Essex), a sponsor of the net operating losses bill, said he hopes this legislation helps keep New Jersey on track with its neighbors. "Hopefully, [these bills] will encourage new businesses to set up shop here, help keep some of our struggling businesses in state and promote further investment." - Scott Goldstein
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