UpdatedThu, Dec 24, 2020 at 10:13 am ET
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(Jose F. Moreno, Staff Photographer / The Philadelphia Inquirer)
NEW JERSEY As businesses continue to struggle and many find it hard to make ends meet, Gov. Phil Murphy is set to sign a massive, $14 billion corporate tax-break bill into law that s supposed to give New Jersey a big boost amid the COVID-19 crisis.
The more than 100-page New Jersey Economic Recovery Act of 2020 introduced last Wednesday received criticism for its limited public testimony. But Murphy defended the proposal in Monday s coronavirus news conference, saying the bill would update economic-development incentive programs that expired more than a year ago.
Massive $14B corporate tax break bill heads to Murphy’s desk less than a week after it was announced
Updated Dec 22, 2020;
Less than a week after it was introduced, a massive $14 billion corporate tax break bill that aims to boost the state economy by attracting businesses to New Jersey and encourage others not to leave is heading to Gov. Phil Murphy’s desk.
The 200-page proposal passed the full state Legislature on Monday, just days after lawmakers saw the legislation for the first time Friday, the same day it was voted out of the state Senate Budget and Assembly Appropriations committees. Murphy is expected to sign the bill.
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.
Murphy s $11 billion tax break proposal for New Jersey needs a pause inquirer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inquirer.com Daily Mail and Mail on Sunday newspapers.
Press Releases
Over 100 New Jersey Leaders Come Out in Support of Economic Recovery and Tax Incentives Reform Legislation December 21, 2020, 11:56 am | in
Over 100 New Jersey Leaders Come Out in Support of Economic Recovery and Tax Incentives Reform Legislation
12/20/2020
TRENTON – Over 100 leaders in government, the private sector, and labor from across the state expressed their support for the New Jersey Economic Recovery Act of 2020, which will be voted on in the Legislature on Monday:
GOVERNOR MURPHY AND LEGISLATORS
“We are proud to announce that we have reached an agreement on a comprehensive economic recovery package that will support small businesses, drive sustainable economic growth, and reform our tax incentives system. This plan will specifically target historically underserved communities that have also been disproportionately impacted by COVID-19 with tailored programs to combat food deserts, spur brownfields redevelopment, and suppor