Governor Looks to Revamp Controversial Corporate Incentives Program

Governor Phil Murphy announces his tax incentives program at 1776, a co-working space, in Cherry Hill, NJ.

CHERRY HILL, NJ—As the controversy surrounding the Garden State’s corporate economic incentive program grows each day, New Jersey Gov. Phil Murphy has released a new plan that calls for a suite of transparent, targeted capped incentives to replace the Grow NJ incentive program.

In a speech on Wednesday at the incubator 1776 here, the governor issued a sweeping proposal to replace the Grow NJ program that is set to expire on June 30. The governor noted that his new plan builds on his economic master plan he proposed in October and would create an economic incentive program worth $400 million annually.