Earlier today New Jersey Policy Perspective (NJPP) President Brandon McKoy testified at the Economic Incentive Task Force hearing on the NJ Economic Development Authority and crafting of the Economic Opportunity Act of 2013. In response to the hearing and yesterday’s exposes by WNYC and the New York Times, NJPP releases the following statement:

NEW JERSEY POLICY PERSPECTIVE PRESIDENT BRANDON McKOY

“The fraud and abuse at the Economic Development Authority extend far beyond lax oversight and personnel — they are a direct result of the legislation guiding the state’s tax subsidy programs. Quietly drafted by corporate lobbyists who had a financial interest in the bill, the Economic Opportunity Act of 2013 is riddled with narrowly tailored loopholes ripe for exploitation. There is no question that this law was written to benefit already wealthy and well-connected individuals and corporations, not ordinary New Jerseyans. This represents a privatization of the legislative process and corporate cronyism at its worst. New Jersey taxpayers deserve better.

“Nothing about the law’s guiding New Jersey’s economic subsidy programs is normal. New Jersey is an outlier in how much it spends on incentives and how little it gets back in return. Taxpayers cannot afford for the Economic Development Authority to continue doing business as usual. New Jersey must follow best practices utilized by other states and reform its subsidy programs so they are targeted, properly monitored, and capped. These common-sense reforms will ensure the EDA promotes developments that benefit all New Jerseyans, not just a select few.”