The state Economic Development Authority is seeking information from another three companies that were awarded tax credits under its embattled incentive programs, amid ongoing scrutiny of the volume of awards and job pledged by the recipients.
Gov. Phil Murphy doubled down on his pledge to veto a bill to extend New Jersey’s embattled tax incentive programs, while still offering hope for a compromise with state lawmakers.
With less than four weeks to go until New Jersey’s tax incentive programs expire, Gov. Phil Murphy on Wednesday unveiled a bill to establish new subsidies for developers and businesses that would include annual caps on awards and requirements tied to union labor.
With the state’s two main incentive programs set to expire on June 30, a high-ranking state lawmaker called on Gov. Phil Murphy to consider extending the deadline and allow policymakers to revamp the tax credit offerings without interruption.
State Senate President Steve Sweeney last week came to the defense of New Jersey’s use of tax incentives — a recent target of Gov. Phil Murphy’s administration — while pledging to find a solution to extend and update the programs by the time they sunset on June 30.