Trenton – Senate President Steve Sweeney (D-Gloucester/Salem/Cumberland) and Assembly Speaker Craig Coughlin (D-Middlesex) today announced a joint legislative hearing to review the operations, oversight and effectiveness of the New Jersey Economic Development Authority and its tax incentive programs.
The oversight hearing, to be conducted by the Senate Economic Growth Committee, chaired by Senator Nilsa Cruz-Perez (D-Camden/Gloucester), and the Assembly Commerce and Economic Development Committee, chaired by Assemblyman Gordon Johnson (D-Bergen), will focus on Grow NJ and the Economic Redevelopment Growth Grant program (ERGG), the authority’s major business incentive programs. Both programs are scheduled to expire this year.
The hearing will be held at 10:00 am, Monday, February 11th in Committee Room 4 of the State House Annex in Trenton.
The review will include the audit conducted by the State Comptroller as well as other studies assessing the management, impact and effectiveness of the programs designed to create and retain jobs, including ways to measure the long-term performance of the incentives. The findings will be used to inform the Legislature on how to improve the state’s incentive programs, how they should be structured and implemented, and what oversight controls are needed to ensure full accountability.