Messaging from Trenton over the last several months, “airing dirty laundry” and delayed payments and responses to companies involved in the state’s incentive programs are scaring away legitimate businesses from setting roots in New Jersey. Businesses need certainty and clarity. Why don’t we pivot the conversation to one about how to make robust investments in our people and infrastructure without any further distractions and political roadblocks?
As expected, Murphy vetoes bill to extend tax incentives
Gov. Phil Murphy has officially rejected a bill that sought to extend the state’s tax credit incentives, which lawmakers hoped would have provided time to find a long-term solution for the controversial programs before they expired earlier this summer.
Flight to quality continues in N.J. office market, with looming uncertainty about incentives
Office tenants in New Jersey are still flocking to new or upgraded buildings, but the ability for landlords to deliver Class A space could be slowed by the loss of state business incentives.
Biotech firm seals 90,000 sq. ft. lease at vacant pharma campus in Plainsboro
A biotechnology firm is set to become the first new tenant at the former Bristol-Myers Squibb campus in Plainsboro, where it will lease more than 90,000 square feet for its new U.S. headquarters and research lab.
Pharma firms, delivery startup among latest targets in EDA tax credit review
The state Economic Development Authority is seeking information from another three companies that were awarded tax credits under its embattled incentive programs, amid ongoing scrutiny of the volume of awards and job pledged by the recipients.
EDA reviewing tax credit awards to Teva, Norcross-linked firms
A state agency is looking into six companies that were awarded tax credits under New Jersey’s beleaguered incentive programs, including a global drug manufacturer and several firms with ties to George E. Norcross III, the powerful South Jersey Democratic leader.
Murphy reiterates plan to veto incentives extension, hopes for ‘common ground’
Gov. Phil Murphy doubled down on his pledge to veto a bill to extend New Jersey’s embattled tax incentive programs, while still offering hope for a compromise with state lawmakers.
Financial services firm eyes 215,000 sq. ft. lease, with help of expiring tax credit program
A financial services firm has proposed leasing more than 215,000 square feet in Morris County with the help of a 10-year, $22.2 million tax credit under the state’s expiring incentive programs, as lawmakers gathered this week to consider an extension of the subsidies.
Murphy details tax credit overhaul, unveils new legislation
With less than four weeks to go until New Jersey’s tax incentive programs expire, Gov. Phil Murphy on Wednesday unveiled a bill to establish new subsidies for developers and businesses that would include annual caps on awards and requirements tied to union labor.
Audible unveils 80,000 sq. ft. ‘innovation cathedral’ at historic Newark church
Audible has completed its restoration of a historic church in downtown Newark, debuting a new 80,000-square-foot office and innovation space as part of its growing footprint in the city.
