“There is no evidence the number of economic tax incentives bear any relation to the broader performance of a state’s economy,” Jackson Brainerd, fiscal affairs policy specialist for the National Conference of State Legislatures, said during testimony at Thursday's Senate committee meeting on the state's economic growth strategies. “And there is quite a bit of evidence that tax incentives often fail to achieve their stated goals and can have a negative impact on a state’s fiscal health.”

“The answer could be a flexible cap, where you have an annual cap but when you have a really terrific economic opportunity, you have the ability of the executive and legislative branch to come up with an addition in that given year,” Sen. Bob Smith told reporters following a hearing of the Senate tax incentive committee, which he chairs.

Thursday’s meeting at 10:00 a.m. in Committee Room 4 of the Statehouse Annex Building will feature academic figures in economics, redevelopment and urban policy. 

The $172 million New Brunswick Performing Arts Center – two years in the making – will open its doors with an official ribbon-cutting ceremony on Thursday, followed by the start of a 10-day production of “Paul Robeson” at the Crossroads Theatre Co.’s new facilities.

“It’s absolutely critical we extend these programs, but if the system behind them is broken, it’s just as dangerous continuing with them as is,” Assemblyman Ryan Peters said of the proposed legislation.

The new measure provides some protection for LSPRs against malpractice claims and other legal actions, similar to the that enjoyed by lawyers and doctors.

A proposal by former state senators Democrat Ray Lesniak and Republican Joe Kyrillos would revamp, but mirror, several main parts of the controversial, now-expired Grow New Jersey corporate tax breaks.

According to Moody’s, the new law which increases the time that local governments have to fully refund typically larger appeals for commercial properties from 60 days to three years, could mean a “credit positive” for them.

The legislation would allow anyone who owns at least 10 percent of a sports team to accept wagers on games within their league, so long as it does not involve the teams they own.

Gov. Phil Murphy sent the measure back to lawmakers, arguing it did not do enough to revamp the state's criminal records expungement system. Meanwhile, Senate President Stephen Sweeney countered the governor had ample time to present lawmakers with his concerns, rather than conditionally veto the bill.

“We can always override the [conditional veto], but that’s not what we’re looking at right now,” Senate President Stephen Sweeney told reporters after a Monday morning voting session. “We’ve had dialogue with him [Gov. Phil Murphy].”

The governor said the legislation did not do enough to revamp the state’s beleaguered and overburdened criminal records expungement system.