Debate builds over budget's tax incentives

The proposed state budget includes billions in tax incentives for construction projects in the Garden State - incentives some critics say really won't stimulate economic growth. Some studies have shown

News 12 Staff

Jun 17, 2009, 11:56 PM

Updated 5,504 days ago

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The proposed state budget includes billions in tax incentives for construction projects in the Garden State - incentives some critics say really won't stimulate economic growth.
Some studies have shown that incentives don't necessarily pump any money back into the economy. Many believe it just makes the public pay for projects that would have gotten built anyway.
"The developers will benefit and the public will lose," says Jeff Tittel, of the Sierra Club. "In the long term this is going to hurt the economy because we're going to get cuts for some people and higher property taxes for others."
The budget's tax breaks are particularly geared toward those developers who build near urban train stations or on college campuses. Supporters defend the incentives and say they will kick start economic growth that will continue for years.
"By investing in capital construction, you will add jobs statewide as well as maintain for decades to come revenues to help this state grow," says Assemblyman Lou Greenwald (D-Voorhees Township).


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