Statement by Governor Murphy on New York Times Investigative Story on Tax Incentives

“Today’s New York Times story is yet another illustration of what I have been saying for nearly three years – the tax incentive programs created by the Economic Opportunity Act were severely flawed and not only did not create promised jobs, but invited potential fraud and malfeasance.

“It is time to put this broken system – a system that has become a national embarrassment – behind us and create a new, targeted, and transparent suite of incentives that focuses on nurturing innovation and bringing new business and new jobs to New Jersey. We can no longer commit taxpayer money to dubious job-retention programs that have proven ineffective at best.

“The tax incentive reforms we have put forth to the Legislature not only accomplish our job creation and economic growth goals, but also cap yearly incentives at a predictable and sustainable level.”