The statehouse in Trenton — File photo
By Joshua Burd
E-Trade Financial Corp. and Teva Pharmaceuticals have applied for more than $60 million in combined tax credits for proposals in Jersey City and Parsippany, respectively, with the state Economic Development Authority slated to consider their applications on Tuesday.
The companies are both listed on a preliminary agenda for the EDA’s monthly board meeting and have made proposals to create or retain jobs in those locations. The agenda does not identify the specific address or other details in the respective applications, although it does indicate the annual tax credit package that each firm is seeking under the Grow New Jersey program.
E-Trade is seeking an estimated award of just over $2 million annually for a 10-year term, according to the agenda. The online brokerage and financial services firm has long had a presence in Jersey City — at Mack-Cali Realty Corp.’s Harborside Plaza 2 building — having signed a lease in 2006 for 106,573 square feet.
Teva Pharmaceuticals USA Inc. is seeking an estimated annual award of nearly $4 million for a 10-year term, according to the EDA document. The Israel-based drug company already has offices in Parsippany but maintains its North American headquarters in Pennsylvania.
In recent months, the generics giant has rolled out a sweeping restructuring plan aimed at reducing its costs by $3 billion, which includes closing or divesting facilities but also cutting some 14,000 jobs globally.
Both the E-Trade and Teva proposals are eligible for bonus increases to their tax credits packages, thanks to criteria such as having large numbers of new or retained jobs and being in targeted industries.
The EDA typically does not comment on its preliminary agenda prior to its monthly board meetings.
