PRIETO: PANASONIC CONCERN HIGHLIGHTS NEED TO FOCUS ON CREATING NEW JOBS & ECONOMIC GROWTH

Says N.J. Communities Shouldn’t be Battling Each Other for Existing Jobs

(SECAUCUS) – Assemblyman Vincent Prieto (D-Hudson/Bergen) released the following statement Monday on the state’s recent approval of $102.4 million in tax incentives for Panasonic to move from Secaucus to Newark:

“We’ve spent a lot of time recently focused on creating jobs and economic growth throughout New Jersey, but we aren’t making progress if we hurt one community while helping another.
“While I don’t like the New Jersey Economic Development Authority’s decision, I understand its simply acting within existing law. That’s why I will work to change the law.
“We must make certain that our laws don’t match one New Jersey community against another. Clearly, some communities need extra incentives to spark economic development and create jobs, and that’s something I support, but taxpayer money shouldn’t be used to lure jobs from one New Jersey city to another New Jersey city.
“Doing so defeats the purpose of job programs that are meant to lure new development and attract companies from other states and countries.
“I am looking into drafting legislation that would prevent state money from being used to lure a company from one municipality to another within New Jersey.
“We can still offer incentives to ensure companies stay, but we cannot have our towns battling with each other for existing jobs and development. What we really need is for everyone to be working together to create new jobs.”