NJ already revamps plan to dole out $14B in business tax breaks
Published: July 5, 2021
Governor Phil Murphy announces his major economic agenda on October 1, 2018 in Nutley, NJ. (Edwin J. Torres/Governor s Office)
TRENTON – Sweeping changes have already been approved for the 7-year, $14 billion tax incentive programs enacted in January.
At least one is directly related to the pandemic, making it a bit easier for businesses to receive credits even if their employees are working from home. But nearly every new incentive program was tweaked in some way in the 213-page bill, which Gov. Phil Murphy signed into law Friday.
Business tax incentives had been allowed to go dormant, in a standoff between the executive and legislative branches as the Murphy administration hired outside counsel to investigate the previous incarnation of the program. The Legislature refused to act on Murphy’s economic development plan until finally reaching a compromise late last year.
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TRENTON – When the economy was rocked by the pandemic, women suffered a disproportionate amount of the brunt – many in industries where jobs disappeared when businesses closed, some now driven entirely from the workforce, others juggling their work with kids remote learning.
At a state Department of the Treasury symposium Friday analyzing the impact and how to avoid another ‘she-cession,’ one common cure suggested was better child care.
Echoing the debate in Washington, Emily Martin, vice president for education and workplace justice for the National Women’s Law Center said child care is infrastructure that’s critically needed so families can go to work.