NJ Politics Digest: Is State’s Business Incentive Program Too Generous?

Money.

On average, New Jersey’s tax credit program cost $7,650 a year for every job created. Pixabay

New Jersey is overly generous when awarding billions of dollars of incentives to lure businesses to the Garden State, according to a long-awaited report on the incentive program.

Researchers at Rutgers University’s Bloustein School of Public Planning and Public Policy essentially tried to punt on determining if economic incentives and tax breaks really help New Jersey, saying it was too early to draw conclusions, according to a report on NJ.com.

But the report did point out that the state’s Economic Development Agency (EDA) might be giving away too many tax credits as well as “redundant” bonuses. In five years, the state awarded a total of $5.4 billion in tax credits.

The report blamed formulas used by the EDA and redundancies in the Grow NJ base and bonus structure for the generosity, according to a story on NJBiz.

On average, the tax credit program cost $7,650 a year for every job created and $3,670 a year for every job retained, according to NJBiz.

Quote of the Day: “Campaign finance takes place in a certain context. You have a state like New Jersey where the president is not popular. You have very qualified candidates in a very good political climate.” — Ben Dworkin, director of Rowan University’s Institute for Public Policy and Citizenship, on the strength of fundraising by Democratic congressional candidates in the state.

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NJ Politics Digest: Is State’s Business Incentive Program Too Generous?