TLP: New Jersey Economic Policy Now Subject to Governor's Taste

jersey shore taxes
Companies looking to expand or locate their business in New Jersey now know they can't count on the state government to make good on the economic incentives it promises.

NYT:
Gov. Chris Christie of New Jersey on Monday blocked a $420,000 tax credit that the state’s Economic Development Authority had approved last week.

Was the loser a high-tech startup? An alternative energy company, perhaps?

No. It was Snooki and the Situation.

The production company behind the reality series “Jersey Shore” had applied for the credit, intended to expand film and television shooting in the state, to help cover costs for its inaugural season in 2009.

Mr. Christie said he was “duty-bound” to see that taxpayers were “not footing a $420,000 bill for a project which does nothing more than perpetuate misconceptions about the state and its citizens.”

“In this difficult fiscal climate,” he wrote to Caren S. Franzini, the chief executive of the Economic Development Authority, “the taxpayers of New Jersey should not be forced to subsidize projects such as ‘Jersey Shore.’ ”
Wonder how difficult the fiscal climate would be down the Shore without MTV's money and all the related spending by companies sucking up to the production, servicing the wannabe Guido tourists, creating jobs just because America can't look away from this freak show.

Or worse, how the New Jersey economy will fare when executives negotiating with Christie's economic development officials start saying fuck it and go somewhere else.

The Lazy Paperboy

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

9 comments:

W.C. Varones said...

Good for Christie. Subsidies like this are horrible economic policy. What's MTV going to do, threaten to change it to Maryland Shore?

P.S. Ass goes in the back.

The issue with Jersey Shore wasn't whether these incentives are a good idea; the state had already decided that they were. The risk to economic development efforts in places that choose this path is that companies won't be willing to commit to a deal if they don't have faith that agreements they make will be honored.

Usually, for the state to take back promised money or other incentives, the company will have failed to make good on investment or hiring commitments. No one says that happened here.

P.S. Srsly

W.C. Varones said...

Right, but Christie didn't decide the incentives were a good idea; Democrats did.

If businesses stop trusting bad incentives from economically illiterate Democrats, that's a good thing.

How is this partisan? Governors and legislators all over the country run these schemes. I know because back before I got so lazy, I used to cover these state-against-state bidding wars. The common theme was greed, on all sides, especially the companies.

Christie just decided he's embarrassed by the situation and backed off on the deal. Lightweight.

You're sketchy!

Don't tell anyone or I'll smack you with this newspaper I have tucked under my arm.

wcv said...

Just messin' with ya.

Though I would say that any Republican who pulls that kind of shit is a RINO.

I can name names.

And you had me at, "Ass goes in the back."

"Promises are made to be broken" as what they say...I've heard a lot from them and I don't even remember a single has been made realize.