The New Jersey Chamber of Commerce welcomes the news that Gov. Murphy and state legislative leaders have agreed on a new economic incentive program for New Jersey.
Any sustained economic recovery in New Jersey must have a competitive and robust incentive program such as the one these state leaders have crafted, and this program will serve as a foundation for that recovery.
To the critics of this program, we say it is time for you to look at the facts and deal with economic reality.
First, this proposed incentive program is not an expense, it is an investment. As with all good investments, the revenue the state will realize far outweighs the cost of the program. This, in turn, will allow the state to fund important government assistance programs. Where do these critics think the revenue for these programs will come from?
Second, critics of this program ought to look at how many jobs and how many companies New Jersey is losing to other states because of their incentive programs.
Third, we invite critics of this incentive program to spend a few minutes speaking with business owners and job creators in this state as we do everyday. These are the stores where you and your families shop. They are the restaurants where you and your families go to eat. Our business community is weathering one of the most challenging economic times in recent memory and for these businesses to get back on their feet, so they can hire workers, we must create a growing economy and this incentive program helps do that.
Finally, this incentive program is not being rushed. On the contrary, it is long overdue. New Jersey has been without economic incentive programs for almost 18 months and we have a lot of ground to make up.
This proposed incentive program has many strong aspects to it, including provisions to help small businesses, incentives to drive innovation, and a sound structure for monitoring and evaluating the effectiveness of the program.
We urge the state Legislature to deliberate and approve this incentive program as quickly as possible.