NJ Lawmakers Tell Troubled Agency To Slash Tax Breaks
Law360 (February 7, 2020, 9:39 PM EST) -- The $11 billion New Jersey corporate tax break program that came under fire for handing out hefty incentives despite oversight shortfalls needs to slash the awards it doles out in the future, a bipartisan panel of state lawmakers warned Friday in a report concluding that economic conditions no longer warrant such "generosity."
A report by a New Jersey Senate committee on the state's tax incentive programs included a call to name a chief compliance officer for the Economic Development Authority. (AP)
That includes a "strict" annual cap on individual awards but no limit on the Economic Development Authority's collective annual payouts to corporations...
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