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In the aftermath of both houses of the NJ Legislature passing S3901, the bill that extends NJEDA tax incentive programs (LINK), Governor Phil Murphy issued a statement saying he has no choice but to veto the legislation.
“The extension of this flawed legislation that not only has not served its intended purpose, but has resulted in potential fraud on a huge scale, is nothing more than politics at its worst.
“As the allegations of wrongdoing continue to mount, we have the opportunity to pass an economic development package that will help boost communities and the people who live there, but instead, the Legislature has chosen to simply extend a program that we now know was designed to benefit a connected few without concern for taxpayers,” Murphy added.
“Since the Legislature has elected to pass this extension without much-needed reforms, I have no choice but to veto this bill. There is a better solution than continuing an indefensible status quo and I’m ready to work with the Legislature to reform these programs for the long-term success of New Jersey’s economy.”