Governor Phil Murphy today delivered his first State of the State address to the New Jersey legislature.
Governor Murphy’s address echoed the findings of a recent audit which questioned implementation of tax incentive programs authorized under the previous administration and offered recommendations on monitoring incentive programs moving forward.
Describing New Jersey as the “right place for innovative business,” Governor Murphy called for the State to better tailor its tax incentive programs to pro-growth sectors of the State’s economy. The Governor’s speech reiterated his support for his economic development plan unveiled in late 2018. Included in the economic development plan were BioNJ-supported initiatives, such as the Evergreen Innovation Fund -- a co-investment fund to help spur venture capital spending in New Jersey. As New Jersey looks to the expiration later this year of the Grow NJ program, Governor Murphy proposed a new program that would cap the amount of available incentive funding with defined eligibility criteria and additional State oversight. Governor Murphy also championed investment in Opportunity Zones, a federal community development tool designed to encourage investments in low-income urban and rural communities.
Meanwhile, Governor Murphy championed several accomplishments from his first year in office, including the lowest property tax increase on record, funding of Planned Parenthood and the State’s equal pay and sick leave laws. The Governor also called for an increase to $15.00/hour of the State’s minimum wage and the legalization of adult-use marijuana. His address also reiterated his commitment to continuing his administration’s work to improve New Jersey Transit and other outdated infrastructure. Finally, the Governor called for the State to enact a system of early voting and the restoration of voting rights for individuals on probation or parole.
BioNJ stands ready to work with Governor Murphy, Senate President Sweeney and General Assembly Speaker Coughlin in support of innovation and growth in our State’s life sciences industry. We believe incentives such as the Evergreen Investment Fund are a necessary tool in the State’s toolbox to help attract and maintain our State’s life sciences industry. We look forward to continuing to work together to provide Patients with the lifesaving treatments they’ve come to expect from New Jersey’s robust life sciences industry.
