Earlier today Governor Murphy announced his plans to reform the state’s economic development programs. The governor’s proposals address the abuses outlined in last week’s audit of the EDA and echo policies recommended by NJPP over the last several years.

Sheila Reynertson, Senior Policy Analyst, NJPP:

“By their very design, New Jersey’s incentive programs prioritized the interests of a select few corporations at an enormous cost to Garden State taxpayers. The reforms laid out by Governor Murphy are an important first step in setting much-needed guardrails on the Economic Development Authority. Hard caps on annual spending and per-job awards are the state’s best defense against future abuses. New caps, along with stricter oversight and proper tracking, are necessary to ensure incentives are no longer given out at the expense of a healthy state budget and investments in New Jersey’s critical assets, like public education and transit infrastructure.”

Read more about NJPP’s subsidy reform recommendations here: NJPP: It’s Time for New Jersey to Rebalance the Economic Development Scales