Weinberg Issues Statement Following Report on EDA Tax Incentive Program

Trenton – Senate Majority Leader Senator Loretta Weinberg issued the following statement regarding the report on the Economic Development Authority’s tax incentive programs issued by the Governor’s investigative task force yesterday:

“The initial report from the Governor’s task force on the EDA raises very troubling questions about accountability, effectiveness and transparency which must be addressed by the state legislature. The questions are as disturbing as those raised by the issues surrounding the School Development Authority, all of which need to be addressed.

“While law enforcement will appropriately examine any issues of alleged criminality, we need to construct a new EDA law with a board that will provide the appropriate oversight and make certain that tax credits are awarded fairly with strong standards for effectiveness.

“I look forward to the Senate Select Committee working with care and expediency so we can get on with the necessary work that is building and growing the New Jersey economy.

“To that end, we must also work with the Governor’s office to keep the important tax credits already in the pipeline moving forward, while engaging the business community in the future of the EDA.”