Bill Text: NJ SR158 | 2018-2019 | Regular Session | Introduced
Bill Title: Urges governors of New Jersey, Delaware, New York, and Pennsylvania to collaborate on tax incentive agreement similar to Kansas and Missouri's agreement.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-10-24 - Introduced in the Senate, Referred to Senate Economic Growth Committee [SR158 Detail]
Download: New_Jersey-2018-SR158-Introduced.html
Sponsored by:
Senator JOSEPH P. CRYAN
District 20 (Union)
SYNOPSIS
Urges governors of New Jersey, Delaware, New York, and Pennsylvania to collaborate on tax incentive agreement similar to Kansas and Missouri's agreement.
CURRENT VERSION OF TEXT
As introduced.
A Senate Resolution urging the governors of New Jersey, Delaware, New York, and Pennsylvania to collaborate on a tax incentive agreement similar to Kansas and Missouri's agreement.
Whereas, Kansas and Missouri collaborated on an agreement regarding tax incentives after years of competing to entice businesses to move into their respective state; and
Whereas, The incentives cost the taxpayers of Kansas and Missouri approximately $335 million for very few job gains; and
Whereas, The money spent on incentives was money that could have funded programs and education to assist the citizens of both states develop the skills and talent necessary for modern day jobs, as a significant amount of jobs in the two states may become obsolete because of automation; and
Whereas, Kansas and Missouri decided to use their resources to grow the region as opposed to trying to lure existing businesses that move across the border solely for economic development incentives; and
Whereas, Trying to lure companies from other states is often an ineffective job growth strategy, as businesses already existing within a state account for approximately 80 percent of the job growth within the state; and
Whereas, Kansas and Missouri will benefit from real economic growth through new job creation and investment in the region; and
Whereas, New Jersey shares a border with three other states and is a part of the New York City and Philadelphia metropolitan statistical areas; and
Whereas, The governors of New Jersey, Delaware, New York, and Pennsylvania can collaborate to create an agreement that fosters cooperation, generates economic growth in the region, and benefits the citizens of the region; and
Whereas, By encouraging the negotiation of an agreement similar to the one agreed by Kansas and Missouri, the Senate of the State of New Jersey encourages these states to avoid the costly competition that plagued Kansas and Missouri and instead focus on collaborating to produce economic growth within the region; now, therefore,
Be It Resolved by the Senate of the State of New Jersey:
1. This House urges the governors of New Jersey, Delaware, New York, and Pennsylvania to collaborate on a tax incentive agreement similar to Kansas and Missouri's agreement.
2. Copies of this resolution,
as filed with the Secretary of State shall be transmitted by the Secretary of
the Senate to the Governor, and to the governors of Delaware, New York, and
Pennsylvania.
STATEMENT
This resolution urges the governors of New Jersey, Delaware, New York, and Pennsylvania to collaborate on agreement similar to the one agreed upon by Kansas and Missouri.
For years, Kansas and Missouri competed to entice businesses to move into their respective states. By one estimate, the cost of these estimates was approximately $335 million and resulted in the creation of very few job gains. This money could have assisted the citizens of the two states with developing the skills and talent necessary for modern day jobs through programs and education. This is especially crucial because a significant amount of jobs in the two states may become obsolete because of automation. Furthermore, luring businesses from other states is often an ineffective strategy for generating job growth because more than 80 percent of jobs created in a state come from companies that already exist within the state.
New Jersey shares borders with three states and is a part of the New York City and Philadelphia metropolitan statistical areas. It is important to encourage the State of New Jersey and its neighbors to collaborate and avoid engaging in a costly war to poach companies from other states via tax incentives. By encouraging the Governor and governors of neighboring states to collaborate on a tax incentive agreement similar to the one negotiated by Kansas and Missouri, the Senate encourages the governors to avoid trying to lure companies across borders and instead focus on generating job and economic growth in the region.
