Can Corporate Tax Incentives Revive a Pandemic Economy? New Jersey Thinks They Can.
Under the cover of COVID-19, the stateâs legislature will try to rush through massive tax breaks for big business next week.
Noah K. Murray/AP Photo
New Jersey Gov. Phil Murphy during his 2021 budget address, August 25, 2020, at SHI Stadium at Rutgers University in Piscataway, New Jersey
After more than a year of scandals, and
new revelations about New Jerseyâs corporate tax incentive program, the stateâs governor has announced a new, even bigger program to be voted on less than a week after it was announced.
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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.
Once the 2020 academic year began and the school where she worked as an art teacher was asking staff to come in four days a week, Galloway resident Susan Coll-Guedes had no choice but to resign from her position in November so she could stay home with her kids who were getting their schooling remotely. I want to work. It hurts me having to make that choice, Coll-Guedes said.
While still employed with the school, the mother of three had no idea she was eligible for federal benefits under the Families First Coronavirus Response Act specifically two weeks of sick leave at two-thirds pay for her exact situation.
Murphy’s dire predictions on how coronavirus would wreck N.J. finances far from what’s actually happened so far
Updated Dec 15, 2020;
Posted Dec 13, 2020
New Jersey Gov. Phil Murphy delivers his Fiscal Year 2021 Budget Address at Rutgers University s SHI Stadium in August, maintaining social distancing protocols and following CDC guidelines.Michael Mancuso | NJ Advance Media for NJ.com
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Starting in
March and continuing over the turbulent weeks that followed, Gov. Phil Murphy predicted the coronavirus pandemic would plunge the state into fiscal and economic peril.
New Jersey could lose $20 billion in revenue, maybe even $30 billion, the governor said. The state could run out of cash by fall. Two-hundred thousand public workers might be laid off. And, in the absence of a second federal stimulus package, funding for public schools may be slashed by $1 billion.