A New Report Says Tax Breaks To New Jersey Corporations Yield Little Result
By Alexandra Hill, WBGO News
April 1, 2013
A new report out today finds a jump in tax breaks awarded to New Jersey corporations has yet to serve its purpose.
According to the report issued by New Jersey Policy Perspective, the state has awarded over $2 billion in tax breaks since the start of 2010.The incentives come in the form of tax breaks to keep corporations in New Jersey and create jobs. Gordon McInness is the group’s Executive Director.
“This is the only strategy that’s being employed by either the governor or the legislature and if it were really wildly successful it would take a very long time for it to kick in with enough jobs to get us out of this recession we’ve been in.”
McInnes says the incentives have only created 100,000 jobs since 1996, he says with over 400,000 New Jerseyans currently unemployed that rate of job creation is simply ineffective.