- November 23, 2016
As of November 21, 2016, New Jersey Governor Chris Christie has amended New Jersey tax law to clarify that government-owned stadiums and arenas are exempt from property taxation.
The signing of this bill quells uncertainty following a decision by a New Jersey tax court which denied a non-profit hospital its tax benefits last year. The court’s decision was focused in part on the hospital’s mix of non-profit and for-profit activity. Up until this point, it was not clear whether the decision would bring forth similar results for government owned stadium’s which include for-profit business like concession stands and gift shops.
Based on this amendment to New Jersey tax law, government-owned stadiums and arenas are now assured to maintain their tax-exempt status, even if they enter into private-public arrangements with for-profit entities.Tags: Chris Christie, New Jersey, tax law