Gov. Phil Murphy this afternoon commented on yesterday’s Senate Select Committee on Economic Growth Strategies hearing on tax incentives.
“The economic experts the Senate relied on during yesterday’s hearing confirmed what I’ve been saying for over three years: the old system of incentives wasted far too much taxpayer money and created far too few jobs,” Murphy said. “That is exactly why I issued a conditional veto to stop a status-quo extension of these programs and institute much needed reforms.
“Taxpayers, and businesses, deserve better. I have put forward a plan to bring our incentives program under control through workable spending caps, and to provide both genuine accountability and a real focus on creating new jobs. My plan will put the needs of our communities and economy ahead of an indefensible and unsustainable status quo that failed to create jobs. And, it can be voted on immediately.
“The time is now to give New Jersey the responsible incentive program we need to keep our economy moving in the right direction and actually spur job creation.”