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Pintor Marin: Properly Designed and Administered Tax Incentive Programs Create Jobs and Investment in NJ
"We cannot get caught up in such rhetoric that is toxic to potential economic growth formation"
Today in Trenton, a task force formed by Governor Phil Murphy took testimony regarding tax incentive programs overseen by the New Jersey Economic Development Authority (EDA). In response to the hearing, Assemblywoman Eliana Pintor Marin, chair of the Assembly Budget Committee issued the following statement:
"It was disturbing to hear that a company allegedly knowingly falsified an application to the EDA in order to qualify for a $2.7 million tax incentive award. The company in question should be dealt with through the proper legal channels. However, we cannot allow a bad actor or actors to jeopardize important programs designed to create quality jobs and spur economic growth.
"As Assembly Budget Chair from Essex County, proudly representing Newark, I have seen first-hand how Grow NJ has been instrumental in moving New Jersey's economy into the 21st century. The program has also been especially transformative for Camden. The overwhelming majority of Grow NJ projects (71.3%) are in distressed communities representing roughly 85% of all EDA-approved tax credits.
"I recently introduced a successor to the Grow NJ program. My legislation refines and re-calibrates business incentives to meet today's market needs and incorporates Governor Murphy's vision to attract the important innovation/research and development sector.
"I have been so disappointed with the quality of recent debate over incentives. Some indiscriminately oppose incentives because they miss the basic reality of economic development. Incentives, properly designed and administered, are not "giveaways," but inducements to create jobs and investments that would not otherwise have occurred, and which must be earned and documented before any incentives are received.
"We must continue to refine and develop important economic development tools, like Grow NJ if we want to provide new opportunity for all of our residents."
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