In a statement released last week, the Burlington County Democrat put forward a framework for a potential compromise that would allow the existing incentives programs to remain in place but with several reforms designed to make them more transparent and accountable.
By David Levinsky
Posted Jun 24, 2019 at 4:22 PM
TRENTON – The dispute over New Jersey’s soon-to-expire tax incentives programs has been described as a political “death match” with billions in tax revenues and the revitalization of one of the state’s poorest cities hanging in the balance.
On one side is Gov. Phil Murphy and progressive groups who argue the current incentive programs are too rich and overused and should be scrapped and replaced with new ones that are capped and targeted toward businesses in growing sectors and startups.
Opposing them are state lawmakers and business groups who want to keep the existing incentives, which they say have proven to be critical for bringing or keeping businesses in New Jersey, particularly the city of Camden and South Jersey counties like Burlington.
So far there has been little common ground between the feuding factions or willingness to compromise.
State Sen. Troy Singleton, D-7th of Delran, wants that to change.
In a statement released last week, the Burlington County Democrat put forward a framework for a potential compromise that would allow the existing incentives programs to remain in place but with several reforms designed to make them more transparent and accountable.
“Those of us who believe that our tax code can be responsibly used to spur the economy and jobs can also fight for accountability, transparency and a results-based program,” Singleton said, listing potential reforms to the existing Grow New Jersey and the Economic Redevelopment and Growth incentives programs.
Grow New Jersey is used to lure and retain businesses and promote job creation, and the Economic Redevelopment and Growth program is designed to reward developers who build in desired locations.