TRENTON – Senator Shirley K. Turner (D-Hudson/Mercer) issued the following statement today in response to the State Comptroller’s report on New Jersey’s tax incentive programs:
“I was concerned that New Jersey’s tax incentives were not resulting in the promised return on investment when we passed legislation of mine to increase oversight and accountability. The bill, which required companies to report the jobs they’ve created, among other things, was signed into law in 2007. Since then, however, it has not been enforced.
“I contacted the previous administration to call on them to carry out the required oversight. Unfortunately, despite my repeated efforts, they did not hold companies accountable and we continue to pay the price. I am disappointed that my legislation, which should have addressed the findings of the audit over ten years ago, has not been enforced. More than that, I am frustrated state revenue has been squandered on companies that failed to live up to their promises.
“The audit underscores the importance of my legislation, and the toll it took on the state for a crucial law to go ignored for so long. I am hopeful that the renewed focus on the matter will result in greater accountability and outcomes going forward.”