TRENTON – Senate President Steve Sweeney issued the following statement on the state’s tax incentive programs following today’s hearing:

“The hearing included assertions of misconduct that are completely unacceptable and should not have been allowed to go undetected. If any companies violated their agreements or defaulted on their promises to the EDA they should be identified. If anyone committed fraud, lied or cheated, they should be held accountable.

“The integrity of the programs is critical for their effectiveness. That is why current law requires the certification of new and retained jobs, calls for the revocation of the tax credits if an applicant makes false claims, the imposition of criminal and civil penalties for violators, and why the Attorney General’s Office effectively approves each award.

“But, any discussion of this issue should include a complete and balanced review of the economic impact of the programs. We want to have a full understanding of both the effectiveness of the incentives and any failings in how they have been implemented.

“In making any needed improvements we should be careful not to demonize all of the businesses and workers who have acted in good faith. The great majority of them have contributed to greater economic opportunities for their home communities and the state.

“We want an accurate accounting of the successes, weaknesses and failings of the current programs so that we can make an informed decision about their renewal and any needed reforms. We can’t forget that these programs are for the benefit of job holders, job seekers and the state’s economy.”

###