NJBIA Statement on Tax Incentive Report by Senate Select Committee on Economic Growth Strategies 

New Jersey Business & Industry Association Vice President of Government Affairs Christopher Emigholz issued the following statement today regarding the release of the Senate Select Committee on Economic Growth Strategies (SEGS) report.

“NJBIA thanks the Special Committee for its report and recommendations. We also appreciate the opportunity to participate in the SEGS hearings and are pleased to see some of our ideas on the next generation of this important economic development tool in the report.

“NJBIA strongly supports the report’s recommendations of no annual overall cap combined with enhanced net benefit tests. If a net benefit test shows that the state is benefitting, then why would we want to cap success?
“Additionally, we support the idea of targeting high-growth projects and industries – but would like to see the manufacturing target be broadened beyond just “advanced manufacturing.” We are also supportive of better integrating workforce development resources into the tax incentive program, as this report suggests.
“We know that the business community, the Legislature and Governor Murphy are all in agreement that a responsible and competitive tax incentive program, with appropriate oversight of its effectiveness, plays a key role in the state’s economic development strategy.

“With the report now complete, it is imperative that there is no further delay in our policymakers working together to deliver a comprehensive program that is accountable, responsible and makes New Jersey regionally competitive.
“New Jersey’s economy has been damaged by not having an economic incentive program over the past seven months. Absent this program, New Jersey remains without the much-needed mechanism to level the playing field against our regional competitors who have a less challenging business climate.”