Senate Tax Incentive Committee To Hold Two Hearings In September

The Senate Select Committee on Economic Growth Strategies Meeting will hold its first meeting on July 29. Chaired by Senator Bob Smith, the committee was formed in response to the NJEDA tax incentive controversy and subsequent establishment of Governor Phil Murphy’s task force.

The Senate Select Committee on Economic Growth Strategies will hold two hearings on the NJEDA tax incentive programs in September, one on Thursday the 5th and another on Monday the 23rd.  The first hearing will focus on best practices and oversight of the programs, and the second will focus on the impact of tax incentives on businesses.

“This hearing will provide input from national experts on the best strategies and practices for economic development,” said Senator Smith regarding Thursday’s hearing. “It will broaden the perspective to include those with knowledge and experience in other states and different regions of the country. We want to learn what has worked or not worked elsewhere so that we can put in place the most effective programs for sustained economic growth.”

“Our committee is poised for a conscientious examination into the policy considerations and effectiveness of tax incentives, and I welcome the discussion with the panel of nationwide experts,” said Senator Joe Pennacchio, the committee’s vice chair. “It is important for New Jersey to follow best practices from across the country to ensure that our tax incentive programs best serve our taxpayers and economy. The right incentives paired with effective safeguards can help make our state competitive with our neighbors.”

The participants in the hearing will be:

  • Jackson Brainerd – Policy Specialist, NCSL Fiscal Affairs Program;
  • Josh Goodman – Senior Officer, Pew Charitable Trusts;
  • Joseph Parilla – Fellow, Brookings Institute Metropolitan Policy Program (by video);
  • T.J Bartik – Senior Economist, W.E. Upjohn Institute (by video);
  • Michael Lahr – Director, Rutgers Economic Advisory Service; Professor, Edward J. Bloustein School Rutgers University.

The committee will issue a report of its findings and recommend legislation addressing the state’s economic development policies after the completion of hearings.

 

THURSDAY, SEPTEMBER 5, 2019

Senate Select Committee on Economic Growth Strategies Meeting
10:00 AM Committee Room 4, 1st Floor,
State House Annex, Trenton, NJ
Chair: Sen. Smith, Bob

The Select Committee will take testimony from invited guests concerning tax incentive
program best practices and oversight of the GROW NJ program and the Economic
Redevelopment and Growth Grant program.

MONDAY, SEPTEMBER 23, 2019

Senate Select Committee on Economic Growth Strategies Meeting
10:00 AM Committee Room 4, 1st Floor,
State House Annex, Trenton, NJ
Chair: Sen. Smith, Bob

The Select Committee will take testimony from invited representatives of businesses
directly impacted by New Jersey Economic Development Authority tax incentives and
experts in economic development. Invited guests will testify concerning the impact of
delayed tax incentive awards, the expiration of existing tax incentive programs, and
the overall impact of tax incentives on the economy.

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