Government & Public Policy
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.

Government & Public Policy
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.

Government & Public Policy
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.

Government & Public Policy
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.

Office
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.

Government & Public Policy
Seeking a solution, Assembly budget leader calls for extending deadline for state incentives

With the state’s two main incentive programs set to expire on June 30, a high-ranking state lawmaker called on Gov. Phil Murphy to consider extending the deadline and allow policymakers to revamp the tax credit offerings without interruption.

Government & Public Policy
Sweeney, top Assembly official offer support for renewing state incentive programs

State Senate President Steve Sweeney last week came to the defense of New Jersey’s use of tax incentives — a recent target of Gov. Phil Murphy’s administration — while pledging to find a solution to extend and update the programs by the time they sunset on June 30.

Government & Public Policy
EDA aims to lure grocery co-op from Staten Island, keep food service firm in Paterson

The state is hoping to coax a supermarket co-op to move its offices from Staten Island to Old Bridge as part of a recently approved tax credit incentive, as it moves to keep another food-related company from moving jobs out of New Jersey.

Government & Public Policy
EDA: Biopharma firm mulls purchase of 85,000 sq. ft. Somerset building

A biopharmaceutical company is weighing plans to acquire an 85,371-square-foot industrial building in Franklin, having won approval for a 10-year, $13 million tax credit package from the state Economic Development Authority.

Government & Public Policy
Incentives: Insiders expect greater scrutiny, urge proactive approach amid Trenton firestorm

If you’ve begun to collect tax credits under Grow New Jersey and other state incentive programs, experts say now is the time to be proactive and verify that you have met your commitments for job creation and retention.