Making a surprising move amid the state’s budget crisis, New Jersey officials approved the third-largest economic subsidy in their state’s history on July 10,according to The Star-Ledger. The package of tax credits – worth $260 million over the course of the next 10 years – will go to energy company Holtec International, which plans to move a manufacturing plant to the Camden waterfront.
The terms of the agreement include 395 jobs being added to the area, though 160 of these jobs will be moved from elsewhere in the state, according to the news source. The state Economic Development Authority estimated that New Jersey will realize a net economic benefit of $155,520 over the next 35 years from the project, though the company will only be required to stay in the location for 15 years.
There have been criticisms from both the left and the right regarding the subsidy, which has come at a time during which New Jersey is struggling to pay for schools, hospitals, pension obligations and property tax rebates, The Philadelphia Business Journal explained. Not going without remark is the fact that South Jersey power broker George Norcross, brother of State Sen. Donald Norcross, who co-sponsored the Economic Opportunity Act of 2013, sits on the board of directors for Holtec International. Many also feel that $260 million is too much to pay for the creation of just 235 new jobs, which averages out to just over $110,000 per job, per year.
Holtec International CEO Krishna Singh had narrowed the options for the new plant down to Camden and Charleston, South Carolina, according to the New Jersey Economic Development Authority, the news source reported. Receiving the credit was key to the company’s decision to choose Camden over Charleston, an otherwise lower cost option.
You Just Received a Federal Grand Jury Subpoena in New Jersey: Now What?
Receiving a federal grand jury subpoena is not something most businesses or individuals anticipate. While it can be concerning, a federal grand jury subpoena does not necessarily mean that you are being accused of wrongdoing. It does, however, mean that a federal criminal investigation is underway and that federal prosecutors believe you may possess information […]
Why Every Business Should Conduct an Annual Insurance Coverage Review
Most New Jersey business owners purchase insurance policies, file them away, and assume they are protected if a claim arises. Without a regular insurance coverage review, many companies discover gaps only after a lawsuit, cyberattack, property loss, or other significant event occurs. An annual insurance coverage review can help businesses identify potential risks, ensure their […]
Demand Letters & Cease and Desist Letters: When to Send One (and When Not To)
Businesses and individuals often encounter situations where another party breaches a contract, fails to pay a debt, or continues harmful conduct. In many such disputes, a precisely drafted demand letter or cease-and-desist letter serves as a powerful legal tool. It can frequently resolve the dispute and avoid litigation. While demand or cease-and-desist letters can resolve […]
Key provisions in your contracts, including those relating to indemnification, insurance, and defense, are essential to contract risk management. While sometimes considered “boilerplate,” these provisions play a pivotal role when determining which party is responsible for certain costs and liabilities. They must always be negotiated and drafted carefully. Indemnification Clauses Businesses should never overlook the […]
Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]
Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool
For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
