A bill to create a sweeping new program of business and development incentives in New Jersey is awaiting Gov. Phil Murphy’s signature after being passed by state lawmakers on Monday.
Messaging from Trenton over the last several months, “airing dirty laundry” and delayed payments and responses to companies involved in the state’s incentive programs are scaring away legitimate businesses from setting roots in New Jersey. Businesses need certainty and clarity. Why don’t we pivot the conversation to one about how to make robust investments in our people and infrastructure without any further distractions and political roadblocks?
Gov. Phil Murphy has officially rejected a bill that sought to extend the state’s tax credit incentives, which lawmakers hoped would have provided time to find a long-term solution for the controversial programs before they expired earlier this summer.
Office tenants in New Jersey are still flocking to new or upgraded buildings, but the ability for landlords to deliver Class A space could be slowed by the loss of state business incentives.
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.