NUTLEY, N.J. (CBSNewYork/AP)New Jersey Gov. Phil Murphy is proposing revamping the state’s expiring tax incentive programs as well as pushing a host of other programs to spur the economy.

Murphy unveiled the plan Monday during what he called a “major” speech at a medical-biotech development campus in Nutley, about 16 miles west of New York.

The Democrat’s plan includes placing caps on two of New Jersey’s uncapped incentive programs. They expire in June and carry about $1 billion in awards a year.

The governor also called for working with venture capital to attract startups, as well as setting up a brownfield redevelopment program.

“Achieving these goals will not be easy, but they are achievable,” Murphy said. “To succeed, we must return to the core values of our state, and re-embrace our historic role as the world’s leader in innovation. This return to our values begins with, once again, investing in our great people.”

Many of the proposals require legislative sign-off. It’s unclear how much they could bring into the state or how much they could cost.

(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)