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In response to today’s joint hearing by the Assembly Commerce and Economic Development and Senate Economic Growth Committees on New Jersey Economic Development Authority and its tax incentive programs, Assemblyman Gordon Johnson (D-Bergen) released the following statement:
“It’s imperative that we evaluate the impact of certain tax incentives on New Jersey’s economy and our local communities,” said Johnson, who chaired the hearing alongside Senator Nilsa Cruz-Perez (D-Camden). “It’s also critically important that we understand how these programs really work. We now know that while approximately $11 billion in tax incentives have been approved, less than one billion dollars has actually been awarded. That distinction must be acknowledged as we attempt to accurately evaluate the use of tax incentives in New Jersey.
“Today we heard testimony from individuals and groups on both sides of the issue, which will help us identify what is working and where improvement is needed,” added the assemblyman from Bergen. “Going forward, we need to work with the EDA to make sure there is proper oversight and evaluation of these programs to ensure they are operating efficiently and effectively. We will see to it that the incentives are meeting their intended goals of growing our economy and creating opportunities for the people of our state.”