Phil Murphy once suggested the state’s tax incentive program was an $11 billion ripoff.

That ushered in a saga that included two distinct review committees, a “ghost” relocation site just over the New York border and an activist rudely ejected from a public meeting.

And now, there is widespread support for a revamped program that the governor says gives him “everything we asked for.”

The value of tax credits in the legislation that just passed with bipartisan support – about $11.5 billion.

Sounds comical, no?

Let’s unpack things.

Tax incentives of various stripes were a big part of then-Governor Chris Christie’s economic policy. The thinking was clear-cut: Businesses need help if they’re going to remain, or come to, a high-tax state like New Jersey. This help was given through the Economic Development Authority as tax credits. A key part of these incentives was doling out credits to businesses seriously considering a move out of state.

That was part of the controversy.

The underlying belief of critics was that too many of these grants were awarded to companies politically connected to George Norcross, a south Jersey political boss, and despite his Democratic affiliation, a Christie ally.

In fact, a special committee put together by the governor alleged that many businesses “proved” their intention of leaving the state by identifying a business park in Pearl River, N.Y., Blue Hill Plaza, as a possible landing spot. The implication was obvious – Blue Hill Plaza was a ruse to extract tax credits from the state.

That was one of the aforementioned committees. Given the fact Murphy put it together, it had a very anti-Norcross bent.

But there was another committee devised by the Senate that was much more favorable to Norcross.

It was this committee that produced some drama in November, 2019.

With Norcross set to testify, protesters packed the meeting room. And one of them, Sue Altman, a progressive activist, was forcibly removed by State Police. A subsequent investigation exonerated police, but anyone in the audience that day witnessed an unjustified, over-the-top, display of power by the committee chair, Sen. Bob Smith, a Middlesex County Democrat.

Time moves on.

The actions of both committees fade into memory.

And, of course, there is the pandemic.

And now there is a business incentive bill promising $11.5 billion in tax credits over seven years that everybody seems to like.

With that huge figure in mind, the governor was asked on Monday if this amounted to nothing more than a corporate giveaway in a slightly different firm.

Murphy didn’t like the question. He said he took exception to the premise.

“Come on, everything we asked for is in this bill.” he said.

And to emphasize the point, Murphy said he meant that “literally.”

He then began ticking things off.

He said the bill offers tax credits for redeveloping “brownfields,” rehabbing historic properties, keeping jobs in New Jersey, helping underserved communities and encouraging supermarkets to build in so-called food deserts – generally low-income neighborhoods with few places to buy nutritional food.

He also talked about how the total amount of tax credits in different areas are capped and how a newly-created post of Inspector General will ensure everything is above board.

In short, Murphy proclaimed that the state’s tax incentive program has moved from a corporate giveaway to fostering economic development.

Such bravado is common at times like this.

The unknown is how it’s all going to work. We’ll have to wait a bit to find out.