New Jersey Business & Industry Association President & CEO Michele N. Siekerka, Esq. issued the following statement regarding Governor Murphy’s update on New Jersey’s tax incentive program.
“NJBIA agrees with the governor that responsible tax incentives play a key role in the state’s economic development strategy and that oversight of the effectiveness of these programs is appropriate.
However, we also believe an extension of the current program or a transitional arrangement while a new program is established is critical, as New Jersey remains highly challenged to attract and retain both large and small business and drive economic growth. To let these programs cease, whether it’s for a week, a month or a year, will unquestionably strike at New Jersey’s competiveness.
“We must remember that it is because of New Jersey’s extremely high cost of doing business that tax incentives are so critical in the first place. As the governor noted today, there have been many good actors in the business community who have worked diligently to meet program requirements. They have created capital investment and jobs in New Jersey that, in many cases, would have gone elsewhere without these incentives.
“We urge the governor and the Legislature to work collaboratively to provide a temporary transition to a more permanent tax incentive program solution before June 30.”