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Law Power 50: I - Z

Law Power 50: I - Z
njbiz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from njbiz.com Daily Mail and Mail on Sunday newspapers.

New York , United States , New Jersey , Rutgers University , Seton Hall University , East Brunswick , Raritan River , Atlantic County , Atlantic City , Short Hills , El Dorado , New Jerseyans , Diana Manning , Davida Mebane , William Palatucci , Johnson Depuy , Kathleen Reilly , Tamara Linde , Matt Platkin , Sills Cummis Gross , Julia Lopez , Stuart Rabner , Gianfranco Pietrafesa , Phil Murphy , Saul Ewing , Michael Ullmann ,

Power 100: N – Z

Power 100: N – Z
Philip Norcross
Law firm Parker McCay and lobbying firm Optimus Partners might represent the epitome of the politically connected firms – if the news headlines and government watchdogs are to be believed. Philip, an executive at both, is the nexus of those connections. That became evident in 2019, when activists and a task force put together by the Murphy administration outlined Optimus’ and Parker McCay’s alleged influence over the creation of the 2013 tax break program, and in helping businesses win lucrative incentive awards. Philip is the brother of both George Norcross, the South Jersey political kingmaker, and Donald Norcross, a U.S. congressman representing the First Congressional District. With the creation of a new massive tax break legislation, Trenton insiders have been speculating about just what kind of role Philip could play in helping businesses win incentives. ....

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NJ tax breaks: Murphy signs $14.5 billion corporate incentives bill

Trenton Bureau
Gov. Phil Murphy signed an expansive corporate tax break package Thursday with programs that authorize the state to award about $14.5 billion in tax incentives in coming years, with up to $11.5 billion earmarked for businesses and developers and up to $2.6 billion for film tax credits, among other incentives in the midst of a fiscal crisis brought on by the coronavirus pandemic.
Murphy has spent much of his three years in office blasting New Jersey’s previous controversial tax breaks for their ties to special interests and power brokers, a lack of oversight by the agency administering them and the cost to taxpayers. ....

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Not enough transparency for $11.5B tax break bill, advocates say

A day and a half.
That s how much time New Jersey taxpayers had to examine a 219-page bill, which creates a program that could give businesses billions in tax breaks, before Friday committee votes when so many changes were made, it took 142 pages to explain them all.
The changes drove up the total price tag of the bill, from $11.5 billion to more than $14.5 billion, despite concerns from progressives the state couldn t shoulder such a financial loss.
The full Assembly and Senate expect to vote on the bill Monday and send it to Gov. Phil Murphy to sign. He has indicated he would sign it meaning the bill would be posted publicly for about five days before hitting the governor s desk if all goes as planned. ....

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"Classic Trenton": Murphy Agrees To Plan Worth $11.5 Billion In Corporate Tax Breaks

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Governor Murphy in the NJ state house in February 2020
Governor Murphy s Office
New Jersey is on the verge of passing a new tax break program that could give away as much as $11.5 billion over the next six years. A draft of the bill became public today, and it looks to have some of the same gifts to political insiders that doomed its predecessor.
Governor Phil Murphy announced that he and legislative leaders reached an agreement on a revamped tax incentive program last week and a draft of the bill became available today.
“It’s got a lot that we should feel good about,” Murphy said. “It has caps. It’s got strong compliance standards. It does a lot for communities that have been hit hard by COVID.” ....

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