Reynolds-Jackson & Holley Bill Establishing Minority Depository Institution Coordinator in EDA Passes Committee December 15, 2020, 3:36 pm | in
Reynolds-Jackson & Holley Bill Establishing Minority Depository Institution Coordinator in EDA Passes Committee
(TRENTON) – Aiming to identify and reduce potential barriers minority depository institutions face in participating in New Jersey Economic Development Authority (EDA) loan programs, Assembly Democrats Verlina Reynolds-Jackson and Jamel Holley sponsor a bill to create an EDA position to address these concerns.
Depository institutions are financial institutions that largely obtain their funds through deposits from members of the public, such as banks and savings associations. A minority depository institution is an organization with a majority of its voting stock and a majority of its Board of Director positions held by people of color, while the community it serves is predominantly comprised of mi
Murphy, top Dems cut deal to renew billion-dollar N.J. business incentive program once mired in scandal
Updated Dec 16, 2020;
Posted Dec 16, 2020
Gov. Phil Murphy (center) delivers his state budget speach at Rutgers University in August. Behind him are state Assembly Speaker Craig Coughlin (left) and state Senate President Stephen Sweeney (right).Michael Mancuso | NJ Advance Media for NJ.com
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It was one of New Jersey’s biggest pre-pandemic political battles: a dramatic, months-long fight dividing Democratic Gov. Phil Murphy and top Democratic lawmakers over revamping the state’s billion-dollar but heavily scrutinized tax incentive program.
Now, about 18 months after the program expired, Murphy and the Democrats who control the state Legislature announced Tuesday night they’ve reached a deal to revive and reform the system which aims to attract and keep businesses in the Garden State by offering them tax breaks.
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