Cryan Response To Comptroller’s Report

Advocates For His Legislation Creating A Commission To Provide Review & Oversight

Trenton – Senator Joe Cryan issued the following statement today in response to the State Comptroller’s report on New Jersey’s tax incentive programs:

“Today’s State Comptroller Report highlights the need for an increase in monitoring and assessment of these programs so they achieve their goals of creating jobs and expanding economic growth without wasting resources.  Every dollar should be used responsibly and the operation of the incentive programs should be fully accountable to the public.  The goal should be to provide incentives for businesses that produce results that benefit workers and the state’s economy.

“Creating jobs and economic growth is the highest priority for all of us, but we have to make sure that the goals are being achieved responsibly and effectively.  Any program that dispenses billions of dollars in tax credits without rigorous oversight is completely unacceptable. As the Legislature works with the Governor to establish new programs after these programs sunset, we must make sure any waste or abuse is eliminated. These programs must be effective for everyone in the state, not just the business community.

“According to Pew Charitable Trust, there are currently 28 states in front of New Jersey leading the charge to reform their incentive programs. We must do the same and work to put in New Jersey in front.

“I have sponsored legislation to create a standing commission to conduct regular reviews of the state tax incentive programs with the goal of creating long-term solutions to better understand any failures of the current programs and to make sure any new programs function better. This commission would also provide recommendations for improvements to the programs. All of this is critical to making sure the programs are operating effectively, transparently and meeting their stated goals.  I will also be introducing legislation that will put tighter monitoring and enforcement systems on these programs based on the findings Comptroller report released today.”

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