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In October of 2018, New Jersey Governor Phil Murphy released his economic development plan which, as its title suggests, intends to rebrand New Jersey as the “State of Innovation.” The plan is comprised of four umbrella initiatives intended to stimulate the growth of cutting-edge industries in the state and overhaul many of the state’s economic development incentive programs. Murphy’s plan also addresses the state’s existing tax incentive framework in hopes of creating sustainable, targeted yet scaled-down incentive programs that work in tandem with his proposed initiatives and further his policies.

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