New Jersey Attorney General Gurbir Grewal says he will investigate a report that identified serious deficiencies of the state Economic Development Authority’s tax incentive programs.
“I intend to figure out what exactly happened and whether any laws were broken,” Grewal said. “If it turns out that taxpayer dollars were distributed in violation of civil or criminal law, I will use the full powers of my office to seek recovery of those funds and ensure that the proper parties are held accountable.”
Grewal says he found that report “deeply troubling.”
“The Comptroller’s audit raises serious concerns about whether EDA’s incentive programs fell short of those expectations over the past decade,” said Grewal. “It also highlighted the lack of robust internal controls at EDA, raising the troubling possibility that EDA may have failed to identify material misrepresentations made by one or more entities at the time the agency approved their tax credits.”