(NEWARK) – Assembly Commerce and Economic Development Chairman Albert Coutinho (D-Essex) released the following statement on Tuesday:
“For the last 6 months or so, I have been working with a broad-based coalition of business, industry, development, labor, planning and governmental stakeholders to review, update and upgrade the state’s tax incentive portfolio.
“The goal of this review was to make sure that New Jersey’s incentives are as effective as possible in strategically creating jobs and economic development. My goal was to introduce legislation in early November and get it signed into law either by end of the year or early next year.
“While I remain committed to moving this critical legislation forward, it is clear that the hurricane has caused us to pause and re-examine the package to make sure it properly addresses post-Sandy realities.
“It should be clear to everyone that rebuilding our tourism sector must be the top economic development priority of the state, and our incentive packages will need to reflect that fact.”