NJEDA CEO Tim Sullivan gives testimony during a meeting of the Senate Select Committee on Economic Growth Strategies on July 29, 2019.

Economic experts cast doubt on effectiveness of NJ corporate tax breaks

“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.”

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Communities advance innovation-focused projects

As part of Gov. Phil Murphy’s Innovation Challenge initiative announced in July 2018, project teams from nine New Jersey municipalities and counties convened on Aug. 26 in Trenton to present plans for building or augmenting their local innovation ecosystems. These municipalities and counties were awarded contracts for $100,000 each in November 2018. The nine communities – ...

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