NJ Working Families Decries Tax Credit Proposal: Process is not Transparent, Caps are Too High 

New Jersey Working Families State Director Sue Altman has issued the following statement in response to news of a deal on a new state tax incentives package:

We are deeply disappointed that Governor Murphy, Assembly Speaker Coughlin and Senate President Steve Sweeney are fast-tracking a new deal to jam through billions of dollars in corporate tax incentives that New Jersey cannot afford — with almost no time for the public to analyze and comment on the proposals.  

We saw a sham process like this in 2013—and that resulted in ongoing investigations and a historic New Jersey political scandal. 

This deal violates fundamental principles of good government and transparency while devoting money the state does not have to pad the pockets of corporations and prop up a cottage industry of politically connected consultants and attorneys.  

The governor’s own investigative task force uncovered the glaring problems with the state’s tax incentive programs. A massive incentive program — larger than the previous one signed by Chris Christie — rushed through in only six days does a disservice to that investigation and to all of the advocates who have pushed for reforms. 

To recover from the pandemic-spurred recession gripping New Jersey, we need a thoroughly vetted proposal that focuses on bottom-up, rather than trickle-down, economics. That prioritizes communities that have been left behind over wealthy corporations. 

While we appreciate some of the provisions in the bill, such as brownfield program, the historic preservation program and investments in small businesses, these are too small compared to the gigantic scope of the overall program.  

Most important, the public deserves enough time to properly scrutinize and provide feedback on any legislation that promises to take this much money out of the treasury during a time when our state’s finances are already stretched to the breaking point.