As unreal as it seems, the Governor has crafted an agreement with the Legislature to restart the state’s EDA corporate subsidy program, one that is even bigger than Christie’s, an $11.5+ billion program to dole subsidies out to corporations over 6 years. More: https://www.nj.com/…/murphy-top-dems-cut-deal-to-renew…
Research clearly shows that corporate subsidies are an inferior economic development strategy. The benefits are questionable and the downsides are tremendous. These programs deplete state funding needed for programs that support working families, ones we sorely need right now to help families survive the economic effects of the pandemic.
What’s worse, the Legislature and the Governor want to pass this bill by Monday. Yes, this coming Monday – 3 business days from today. They know this short time line will make it nearly impossible for the members of the public and advocates like you to weigh in. None of us have even seen the bill language and have only information from the media to prepare our comments. But we have to start speaking out now with the info we have or it will be too late.
We are asking all partners to share this email AND join us in opposing the giant corporate subsidy bill, A4.
The bill has been posted in the Assembly Appropriations committee for a hearing (and vote!) this Friday (Dec 18th) at 11am. Will you sign up TODAY to speak at the hearing this Friday? To do this go to www.njleg.state.nj.us, click on Nov 18th on the calendar, then Assembly Appropriations Committee, then the link marked “Registration Form” at the top. Make sure you click the boxes Oppose, and the one saying you wish to speak. (See talking points below).
AND ALSO, It is rumored the Senate will hold a hearing TOMORROW, but they have yet to notice the public or turn on the registration link. So we are watching and will you key your eyes on the legislative website for this as well (www.njleg.state.nj.us)? Sometime today the link to sign up for a hearing in Senate Budget Committee may become live and we need you and everyone to sign up to speak there as well.
See below for talking points. We need to slow this bill way down. There is no need to rush a bill of this magnitude through with little public input and during the holidays and a pandemic.
Thank you very much for speaking out. Call with questions and if you want to coordinate with the For the Many Coalition (@ForTheManyNJ), the coalition leading this work, please contact me so I can connect you.
Dena MJ, New Jersey Citizen Action
(609) 540-6609
TALKING POINTS ON A4 – The EDA Restart and Expansion Bill
Slow down! A legislative bill with a $11.5 billion price tag deserves more public scrutiny.
This is not a promising economic development policy. In fact it’s been proven to be a waste of resources.
The loss of over $1 billion in foregone revenue every year makes it harder for NJ to meet its other obligations: pension payments, paying off the debt we just inherited, providing support to families and small businesses after a devastating pandemic
Fast-tracking an $11.5 billion corporate tax subsidy bill is a slap in the face to New Jersey taxpayers.
This deal jeopardizes the long-term health of New Jersey’s finances and will crowd out funding for investments that better grow the economy.
Hold the bill until next year when the public and advocate on all sides can fully engage.
Murphy, top Dems cut deal to renew billion-dollar N.J. business incentive program once mired in scandal
Murphy, top Dems cut deal to renew billion-dollar N.J. business incentive program once mired in sca