N.J. Approves $14 Billion in Corporate Tax Breaks in Less Than a Week
The incentive package was pushed by Gov. Philip D. Murphy, a progressive Democrat who has railed against similar tax breaks in the past. His allies are not happy.
Gov. Philip D. Murphy of New Jersey and legislative leaders brokered a deal authorizing $14 billion in corporate tax cuts.Credit.Seth Wenig/Associated Press
Dec. 21, 2020
No issue has defined Gov. Philip D. Murphy’s first term in office more than corporate tax incentives. He railed against them as a Democratic candidate for governor and, once elected, initiated an investigation that exposed the program he inherited from his Republican predecessor as a poorly managed boon for politically connected firms.
NJ lawmakers to vote on multiyear $14B tax break bill
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Murphy s $11 billion tax break proposal for New Jersey needs a pause
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NJ lawmakers overwhelmingly OK $14B tax break bill
The Democrat-led Assembly passed the bill 68-11, while the Democrat-controlled Senate voted 38-1 in favor.
The legislation is designed to give an incentive to companies to rehabilitate historical properties, clean up brownfield sites, attract grocery stores to areas without them, invest in innovative projects and more.
New Jersey has been without a business tax incentive program since July 2019 when the previous legislation signed under Republican Chris Christie in 2013 expired.
The legislation comes after lawmakers and Democratic Gov. Phil Murphy had stalemated over incentives, but it follows months of tough economic news stemming from COVID-19. The state s unemployment rate is at 10.2% and businesses shuttered because of the governor s coronavirus public health orders are struggling.