NJBIA President and CEO Michele Siekerka issued the following statement regarding an announced agreement between Gov. Phil Murphy and legislative leadership on the framework for a new tax incentive program.
“As we look forward to reviewing the final language of the tax incentive legislation, NJBIA is pleased that Governor Murphy and our legislative leadership have come together on a much-needed tax incentive program that aims to boost New Jersey’s economic development efforts.
“We are encouraged to hear that innovation, workforce development and manufacturing are prioritized in this framework. We do believe these are key to economic development in the state. While we await the final language of the bill, we are hopeful there is an appropriate focus on Main Street business, particularly as we continue to emerge from the devastating impacts of the coronavirus pandemic.
“Over the past two years, NJBIA has voiced concerns about caps being included in any new tax incentive program, contending that we may be effectively capping our own success. However, we understand that the bill contains a large enough multiyear cap with needed flexibility, which should allay most of those concerns.
“As the program completes the legislative process, we look forward to working with our policymakers to make this important economic development tool at the ready as quickly as possible. The absence of a program for 18 months has impacted New Jersey’s overall competitiveness. We are hopeful this new program will be an important component to making New Jersey a more attractive destination for business and industry.”