Joint Committee to Conduct Oversight Review of EDA and Tax Incentive Programs

(TRENTON) – The Assembly Commerce and Economic Development and Senate Economic Growth Committees will conduct a joint legislative hearing to evaluate the operations, oversight and effectiveness of the New Jersey Economic Development Authority and its tax incentive programs on Monday.

The hearing will focus on Grow NJ and the Economic Redevelopment Growth Grant program (ERGG), the authority’s major business incentive programs. Both initiatives are scheduled to expire this year.

Nearly two dozen experts have been invited to testify from the fields of business, labor, policy, development, planning, academia and more.

As part of the review, legislators will examine a recent audit conducted by the State Comptroller and other studies assessing the impact, management and effectiveness of the programs designed to create and retain jobs, including ways to measure the long-term performance of the incentives. The findings will be used to inform the Legislature on how to improve the state’s incentive programs, how they should be structured and implemented, and what oversight controls are needed to ensure full accountability.

The Senate Economic Growth Committee is chaired by Senator Nilsa Cruz-Perez (D-Camden), and the Assembly Commerce and Economic Development Committee is chaired by Assemblyman Gordon Johnson (D-Bergen).

The hearing will be held at 10:00 am in Committee Room 4 of the State House Annex in Trenton. It will be streamed online at www.njleg.state.nj.us/media/live_audio.asp.