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The Latest: NJ creates tracking tool for tax incentives

July 3, 2019

TRENTON, N.J. (AP) — The Latest on a new tax incentive tracking tool (all times local):

5:10 p.m.

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.

1:51 p.m.

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. It’s unclear whether the portal has a website open to the public.

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.

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