9/24/19- EDA Releases Tax Breaks for 31 Companies

 EDA Releases Tax Breaks for 31 Companies

September 20, 2019 |njbiz.com 

The state’s Economic Development Authority released $52.7 million in tax breaks to 31 companies even as the agency ramps up its scrutiny of New Jersey’s now-expired corporate incentive programs to make sure businesses are following the rules.

Only 10 of the projects involved, amounting to $11.6 million, received awards under the Grow New Jersey program. The other 21 companies whose incentives were released were participants in the Economic Redevelopment and Growth gap financing program and represented $41.2 million of tax breaks. Both programs expired in July.

NJ SEED: If tax incentives continued to be viewed as a useful tool to attract businesses to locate or expand in NJ, the state needs to get its act together and determine programs to retain or replace and construct effective procedures to monitor and evaluate.

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9/24/19-Experts Say New Jersey’s Life Science Industry Continues to Thrive 

Experts Say New Jersey’s Life Science Industry Continues to Thrive

September 17, 2019 |njbiz.com 

New Jersey’s dynamic and growing life science industry continues its growth spurt thanks to a great location, a talented workforce and attractive economic incentives.

Home to 2,200 companies and 12 of the top pharma companies, the Garden State is attracting more and more companies across the life science sub-sectors.

NJ SEED: New Jersey has long held the reputation as a leader in chemical, health and biotechnology (now Life Science) industries. NJ SEED is pleased to note that the positive reasons for locating in the Garden State outweigh the negatives for this vital segment of our economy.

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9/17/19-Court Rejects PennEast’s Bid to Access Government Lands to Build Gas Pipeline

Court Rejects PennEast’s Bid to Access Government Lands to Build Gas Pipeline

September 10, 2019 |njbiz.com 

A federal appeals court ruled Sept. 10 that PennEast Pipeline Co. cannot condemn government-owned lands to build part of its planned 116-mile natural gas pipeline across the Garden State/

The U.S. Court of Appeals for the Third Circuit reversed an earlier district court ruling that had allowed PennEast to condemn about 40 parcels previously and permanently preserved, using state tax dollars, for recreational, conservation and/or agricultural uses. The Third Circuit held that under the Eleventh Amendment of the U.S. Constitution, the State of New Jersey is immune from condemnation lawsuits by private parties, including pipeline companies.

NJ SEED Another set back to PennEast’s plan to bring clean energy to NJ through a 116-mile interstate pipeline.

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9/17/19-As Corporate Tax Break Talks Sall, Lawmakers Look to ‘Ceasefire’ With Neighboring States

 As Corporate Tax Break Talks Sall, Lawmakers Look to ‘Ceasefire’ With Neighboring States

September 13, 2019 |njbiz.com 

A Union County state senator dropped a resolution pushing the governors of Delaware, New Jersey, New York and Pennsylvania to enter a so-called tax break truce and not poach business from one another, similar to an agreement Missouri and Kansas announced last month, as talks stall on replacing the state’s controversial and now-expired corporate tax break program.

NJ SEED: While Senator Cryan’s olive branch approach to competing states is an interesting idea, it is questionable if neighboring competitor states would see much incentive to cooperate. Whatever incentives the state may develop need to be in place sooner rather than later because business looks to stability and predictability as being essential to tax structures.

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