New Jersey is now in its 13th week without a tax incentive program, which is a fundamental tool in most states’ economic development strategies. There also continue to be delays in the awarding of already approved 2018 tax credits. These are two facts that send one simple message to prospective employers: New Jersey is not open for business.
We are encouraged that Gov. Phil Murphy and the Legislature have been in discussions to create the next version of the incentive. Murphy has put forth a tax incentive plan with a focus on increasing venture capital investment and the Legislature has been working on a new version of the Grow New Jersey program that addresses some of the concerns raised about the expired program, as well.
However, with each passing day that New Jersey does not have a tax incentive program, we put future job creation, economic development and prosperity at risk.