Earlier today, the International Brotherhood of Teamsters called on the New Jersey Attorney General to investigate NFI for providing false information in its tax credit application to the state Economic Development Authority (EDA). Last week, the EDA froze Holtec’s tax credit payment for making false claims in their subsidy application. In response to these new allegations, NJPP offers the following statement.

“This adds to the mounting evidence that New Jersey’s corporate tax subsidies need serious reform now. The 2013 overhaul of the state’s economic development programs have damaged the state’s finances and invited fraudulent activity due to an insufficient vetting process and a lack of necessary oversight. As stewards of taxpayer dollars, lawmakers must enact hard caps on awards, establish better oversight and evaluation, and include stronger protections for labor. Only then can the state ensure the benefits of economic development are shared between businesses, their workers, and taxpayers alike.”

Earlier today, NJPP President Brandon McKoy testified before the Assembly Commerce and Economic Development Committee on the need for reforming the state’s corporate subsidy programs. You can read his full remarks here: NJPP Testimony: Corporate Subsidy Proposals Lack Necessary Reforms

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