Claw-Back of EDA Funds Given to Non-compliant Corporations

Claw-Back of EDA Funds Given to Non-compliant Corporations

What problem does it solve? Governor Murphy's Administration performed a comprehensive audit of the lucrative deals that the EDA has given out to corporations. The audit found that in 24 of the 37 “sample projects” that drew closer scrutiny in the audit, the agency had concerns that companies were not actually meeting all the required standards to receive a tax incentive even though the auditors said that incentives had already been provided or were in the process of being provided to them. . What is your solution and who does it apply to? There should be claw-back efforts to reclaim these funds. What is the anticipated impact? The reclaimed funds could be used within the State to cover its many needs, or to be reissued to corporations with better State oversight.


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