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Murphy signs $14B business tax break bill into law

Posted at 12:33 PM, Jan 07, 2021
and last updated 2021-01-07 12:33:10-05

TRENTON, N.J. — New Jersey Gov. Phil Murphy has signed into law a bill authorizing over $14 billion in tax credits for businesses.

The Democratic governor and the bill's sponsors say the massive tax break program is spread over up to seven years and is aimed at giving businesses struggling from COVID-19 shutdowns a boost. It passed with bipartisan majorities in the Democrat-led Legislature.

Opponents have attacked it. Progressives say it’s too big a giveaway. Republicans argue it didn’t do enough for small businesses hurt by Murphy’s outbreak restrictions.

The legislation is designed in part to give an incentive to companies to rehabilitate historic properties.