'Alarmed' at tax credit oversight, New Jersey creates tracking tool

Posted: Updated:
TRENTON -

(AP) - New Jersey officials say they were "alarmed" at a lack of oversight of the state's business tax incentives and are creating an online system to monitor when the incentives are transferred among firms.

Treasury officials said Wednesday that they've created the New Jersey Electronic Credit Evaluation, Records, and Transfer System.

Treasury spokesman William Skaggs says the site will be open only to state officials and the companies being issued credits.

Treasurer Elizabeth Muoio said the administration was "surprised and a bit alarmed" to find previous administrations did little to track the transfer of tax credits.

State law allows businesses awarded the credits to sell them. Officials say about 70 percent of the incentives have been transferred to date.

Firms may want to sell credits they've been awarded if they have little or no business tax liability.

(Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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