TRENTON, N.J. – In an effort to examine the impact of the Economic Development Authority’s business incentive programs, Sen. Thomas H. Kean Jr. and Assemblyman Jon M. Bramnick are requesting legislative hearings by a bipartisan committee.
“We truly believe that there has been over the years a well-intentioned and bipartisan effort to raise up our struggling cities, like Camden, and there is no better way than by helping them to grow their own local economies,” said Kean (R-Union).
The Republican leaders are asking Senate President Stephen Sweeney and Speaker Craig Coughlin to institute a panel to conduct a thorough, timely and objective review of the authority’s incentive programs and the ways in which the state has achieved positive economic outcomes for both the business community and the taxpayer.
“Bipartisan hearings are necessary to determine the impact that these incentive programs had on Camden and other distressed cities,” said Bramnick (R-Union). “I plan to personally tour the areas that were awarded incentives to see for myself the difference they made and what benefits have been realized.”
Possible improvements or revisions to New Jersey’s tax policy could also be gleaned from hearings on the programs that are meant to create jobs and keep businesses in the state.
“We agree that every government program deserves scrutiny and that tax incentives should be evaluated as to their continued effectiveness,” said Kean. “The way in which we encourage and invest in our businesses needs to be as dynamic as the emerging industries we hope will make New Jersey their long-term home.”