Insider NJ

In Broken Process, Rushed Tax Incentive Bill Is No Economic Recovery

Insider NJ — December 21, 2020

Earlier today, the New Jersey Senate and Assembly voted to approve more than $14 billion in corporate tax breaks. This vote follows two years of task force hearings and investigative reporting that showed how costly and ineffective the state's previous corporate tax incentive programs were. The 300-plus page bill, A4/S3295, was made public less than a week ago and was fast-tracked through the Legislature. In response to today's vote, New Jersey Citizen Action releases the following statement.

Dena Mottola Jaborska, Associate Director, NJ Citizen Action:

"The New Jersey Legislature and Governor are not listening to the people. In less than a week, right before the holidays, they released and passed a $14 billion corporate subsidy bill loaded with special interest goodies, with very limited public input, and during a pandemic. Supposedly this legislation has been in the works for over a year, but this just demonstrates how it was largely shaped by political insiders and business lobbyists with little representation for the needs of working families. This faulty process and our leaders' lack of attention to how everyday people are struggling has made New Jerseyans even more distrustful of government, and is spurring others to join reform efforts to change the rules so elected officials can be held accountable again.

"We know how this program will play out. If Governor Murphy signs this bill, there will be a large hole in the state budget for years to come, with worsening austerity measures to close it. As research has shown, this massive investment in business subsidies won't lead to the economic recovery we need. Governor Murphy should veto this bill and give the public time to weigh in on the value of these subsidies and the best ways to stimulate the economy, because this costly, rushed, corporation-driven bill is not the answer."

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