Governor vetoes extension of business tax incentive programs
TRENTON, N.J. (AP) — Democratic New Jersey Gov. Phil Murphy has vetoed an extension of two tax incentive programs that are the subject of a state investigation.
Murphy’s conditional veto on Friday returns the bill to the Legislature with recommended changes.
An auditor report and a comptroller review have raised questions over how the Economic Development Authority was running the tax incentive programs and whether businesses getting awards were meeting certain requirements.
Some businesses were found to have exaggerated their intentions to leave the state in order to earn tax credits.
The conditional veto contains recommendations to give tax credits to companies engaged in high-growth industries, U.S. businesses creating a Northeast headquarters and foreign businesses creating a U.S. headquarters.
It also recommends programs to reward companies that remediate brownfields and revitalize income-producing historic buildings.