Legislation Approved by Assembly Panel
To ensure economic development subsidies are fairly distributed among New Jersey businesses, Assemblyman Eric Houghtaling released the following statement on his bill (A-299) to prohibit a State public body from awarding an economic development subsidy to a business that previously received one, if the payment of principal and interest on the prior loan or loan guarantee is greater than 24 months overdue. The bill was approved Thursday by the Assembly Commerce and Economic Development Committee.
“Investing in our state’s economy can have tremendous benefits for consumers, workers and business owners alike,” said Houghtaling (D-Monmouth). “However, it’s only fair to award subsidies for economic development to businesses which 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.”