N.J. Approves $14 Billion in Corporate Tax Breaks in Less Than a Week
The incentive package was pushed by Gov. Philip D. Murphy, a progressive Democrat who has railed against similar tax breaks in the past. His allies are not happy.
Gov. Philip D. Murphy of New Jersey and legislative leaders brokered a deal authorizing $14 billion in corporate tax cuts.Credit.Seth Wenig/Associated Press
Dec. 21, 2020
No issue has defined Gov. Philip D. Murphy’s first term in office more than corporate tax incentives. He railed against them as a Democratic candidate for governor and, once elected, initiated an investigation that exposed the program he inherited from his Republican predecessor as a poorly managed boon for politically connected firms.
Murphy s $11 billion tax break proposal for New Jersey needs a pause inquirer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inquirer.com Daily Mail and Mail on Sunday newspapers.
A day and a half.
That s how much time New Jersey taxpayers had to examine a 219-page bill, which creates a program that could give businesses billions in tax breaks, before Friday committee votes when so many changes were made, it took 142 pages to explain them all.
The changes drove up the total price tag of the bill, from $11.5 billion to more than $14.5 billion, despite concerns from progressives the state couldn t shoulder such a financial loss.
The full Assembly and Senate expect to vote on the bill Monday and send it to Gov. Phil Murphy to sign. He has indicated he would sign it meaning the bill would be posted publicly for about five days before hitting the governor s desk if all goes as planned.
arrow Governor Murphy in the NJ state house in February 2020 Governor Murphy s Office
New Jersey is on the verge of passing a new tax break program that could give away as much as $11.5 billion over the next six years. A draft of the bill became public today, and it looks to have some of the same gifts to political insiders that doomed its predecessor.
Governor Phil Murphy announced that he and legislative leaders reached an agreement on a revamped tax incentive program last week and a draft of the bill became available today.
“It’s got a lot that we should feel good about,” Murphy said. “It has caps. It’s got strong compliance standards. It does a lot for communities that have been hit hard by COVID.”
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