Credit: Noah K. Murray-USA TODAY Sports

Murphy wants to revamp expiring Garden State tax incentives

October 01, 2018 - 12:48 pm

TRENTON, NJ (1010 WINS) -- Gov. Phil Murphy is proposing a revamp of New Jersey's expiring tax incentive programs. In a speech delivered at Biotech Lab in Nutley, the Democrat explained his plan to put caps on two of the state's uncapped incentive programs.

The programs expire in June and carry about $1 billion in awards a year.

Murphy said his master plan is designed to address downward trending wages and employment figures as well as the poverty rate in the Garden State.

The governor also said he wants to work with venture capital to attract startups, and would also like to setup a brownfield redevelopment.

Murphy said he plan stems from a collaboration with key stakeholders and economic experts that gathered input over the summer.

It remains unclear how much the proposals -- which require a legislative sign-off -- could bring in, or how much they would cost.