Audit faults NJ agency for lack of tax credit oversight
TRENTON, N.J. (AP) — A new state audit says the New Jersey agency responsible for awarding billions of dollars in tax credits if companies created or retained jobs failed to determine if those benchmarks were met.
The state comptroller’s office released the audit Wednesday as required by Democratic Gov. Phil Murphy’s executive order.
The audit sampled just over 10 percent of the 401 companies that were approved for $11 billion in tax credits by the Economic Development Authority going back to 2005.
It says the authority lacked “internal controls” to monitor and oversee the performance of incentive recipients.
About $8 billion in credits were approved under Republican Gov. Chris Christie.
Incentives established by law in 2013 under Christie expire June 30.
Murphy says he wants appropriate “guardrails” added to any potential new program.