“The state’s job creators increasingly become vilified with the unfortunate stroke of a broad brush,” NJBIA President and CEO Michele Siekerka says in an op-ed published this morning by ROI-NJ. Aiming to set the record straight on New Jersey’s economic incentive programs, she argues that the programs are essential in order to prevent New Jersey’s already anemic business climate from getting worse.
“First and foremost, New Jersey has not doled out $11 billion in tax credits, as has been widely asserted and reported. New Jersey has paid out roughly $739 million under the state’s incentive programs since 2011. That’s because the total amount of tax credits distributed is far lower than the total amount that is initially approved.
“In return for this investment, New Jersey has created and retained more than 30,000 jobs and nearly $6 billion in capital investment. I would say that’s a great return on investment!”