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Gov. Christie Signs Bill Revamping Business Tax Breaks

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TRENTON, N.J. (CBS/AP) — Gov. Chris Christie has signed legislation changing how the state awards tax breaks to businesses and developers.

The bill consolidates New Jersey’s five tax incentive programs into two — one to give grants for creating jobs, the other to keep jobs from leaving the state.

The bill signed Wednesday has gone through many changes since being introduced in January, as lawmakers expanded its reach to south Jersey and relaxed restrictions for companies to participate. And its chief sponsor in the Assembly recently pleaded guilty to writing checks to himself from a family foundation.

Christie conditionally vetoed the version that reached his desk. But the Legislature agreed to pass the bill again with the governor’s changes.

Environmentalists say it encourages sprawl, while other critics say it’s too big a giveaway.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.)