The legislature will hold a joint hearing Monday to examine problems in oversight, operations and effectiveness in the New Jersey Economic Development Authority and its tax incentive, which Gov. Phil Murphy has said are costing the state billions of dollars.
The panel, made up of the Senate Economic Growth Committee, chaired by Sen. Nilsa Cruz-Perez, and the Assembly Commerce and Economic Development Committee, chaired by Assemblyman Gordon Johnson, will take testimony from more than 20 witnesses and examine an audit of the EDA released last month.
The incentive programs being examined are due to expire later this year, and Murphy has already begun pushing alternative programs he says will benefit the state.
The EDA audit found that a number of companies did not create or retain the required number of jobs after being awarded tax incentives by the EDA. Most of the incentives had yet to be disbursed, so it’s not clear how much money the state lost on the program.