NEW JERSEY CHAMBER OF COMMERCE: N.J. Chamber of Commerce President Tom Bracken's Statement on State Tax Incentive Programs

New Jersey Chamber of Commerce issued the following announcement on Jan. 10.

To compete in today's economy, states need to have tax incentives. They can assist in economic growth and job creation.

The audit by the state Comptroller’s office highlighted some weaknesses in our existing programs.

We acknowledge that incentive programs need better oversight, transparency and more effective measures for determining their success.

But we also acknowledge the need to continue incentive programs.

With the expiration of existing incentive programs in June, the state has an opportunity to re-establish incentive programs with stronger monitoring; and the opportunity to provide more opportunities to small- and medium-sized businesses, which are the backbone of New Jersey’s economy.

The ultimate goal of our tax incentive programs should be to enhance our state’s competitiveness and maximize our ability to generate economic and job growth.

Original source can be found here.

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