To ensure economic development subsidies are fairly distributed among New Jersey businesses, Assemblyman Eric Houghtaling has sponsored legislation that would prohibit the awarding of subsidies to any business that is more than 2 years late in paying off a previously awarded loan.
Upon the bill (A-492) passing the Assembly Commerce and Economic Development Committee on Monday, Houghtaling released the following statement:
“Investing in our state’s economy can have tremendous benefits for consumers, workers and business owners alike. However, it’s only fair to award subsidies for economic development to businesses that have successfully repaid their past debts, or have not had an opportunity to receive an award. By removing companies who failed to meet prior subsidy obligations from the running, we open the door for other businesses to apply that are able to hold up their end of an agreement. It’s a smarter, more efficient use of state funds, and better investment in New Jersey businesses.”