Applications open for $1.1B corporate tax break program May 27, 2021
2:49 pm
The New Jersey Economic Development Authority is opening applications for a massive corporate tax break program meant to act as the cornerstone for the state’s post-COVID economic recovery
Called NJ Emerge, the program is capped at $1.1 billion a year for six years, with a seventh potential year for any unused tax credits. It’s meant to incentivize employers to remain in the state, or set up shop here in New Jersey.
An accompanying program is being finalized by the NJEDA called NJ Aspire, also capped at $1.1 billion a year and geared toward real estate and community development.
Lockheed Martin to expand in South Jersey with 400 new job positions (updated) May 25, 2021
1:02 pm
The recipient of several massive tax breaks, defense contractor Lockheed Martin is moving several productions from Baltimore to its existing facilities in Moorestown, Gov. Phil Murphy’s office announced on May 25. The move will add an additional 400 job positions through 2023.
Lockheed received nearly $150 million in state subsidies over the past decade to stay and expand in New Jersey, but said in an email that state incentives did not factor into the recent expansion decision.
Murphy’s office could not be immediately reached for comment, nor could the New Jersey Economic Development Authority, which handles state-funded financial incentives for businesses eyeing a move or expansion in the state.
$39M Paterson project gets final approval for state subsidies May 21, 2021
7:39 am
A $39 million redevelopment project in Paterson secured one of the final legs of public funding on May 20.
Developers plan to overhaul the historic Argus Mill site in Paterson’s historic district and turn it into a 74-unit apartment building, along with parking, a family services nonprofit called Grandparents Relatives Care Resource Center, and offices for the management company, Winn Residential.
Argus Ellison Associates – the developer behind the project – is also getting a $1.9 million tax break from the city, known as a payment in lieu of taxes to the city, or a PILOT agreement.
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