Sen. Raymond Lesniak's proposed legislation to place a moratorium on New Jersey's business incentive programs is an attempt to fix something that is not broken.
Let there be a full and fair accounting of the business incentive programs as prescribed by law, but let's not do it in a way that is destructive of a program that is bringing such positive results for everyone in New Jersey.
Let's review the results of the program.
First, according to Al Koeppe, Chairman of the Board of the Economic Development Authority, a total of $5 billion in incentives has been authorized for incentive programs, but only $63.2 million has actually been paid.
Second, this $63.2 million has resulted in $730 million in private investment, the creation of 1,900 new permanent jobs and more than 3,100 construction jobs. These numbers are verified by independent certification as required by the state incentive laws.
Third, independent of the incentive programs above, recent amendments to the Grow NJ legislation has spurred a flurry of new economic activity representing $1.5 billion in private investment and 12 million square feet of new or improved space, the creation of more than 12,000 permanent jobs and more than 13,000 construction jobs.
Fourth, more than 80 percent of this new economic activity is taking place in New Jersey communities that are in desperate need of economic investment.
The facts about the business incentive programs are clear and the results are impressive.
The New Jersey Chamber of Commerce strongly supports the business incentive programs in New Jersey and we believe that we need more programs and legislation that promote investment and job growth in our state.
