Author Archives: Daniel J. Munoz

EDA releases tax breaks for 31 companies

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 ...

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Perth Amboy left out of $12M NJ tax break deal, mayor says

Perth Amboy officials contend that they were left out of negotiations between the state Economic Development Authority and online food company Gourmet Nut – which had been eyeing a move out of Brooklyn – resulting in the city getting a shorter end of the stick on the agreement. State officials approved the $12.1 million corporate tax break under the now-expired ...

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Policy group outlines possible tax break overhaul

A group of activists and advocates have assembled 10 recommendations for overhauling the state’s economic incentive programs which share several parallels with a set of proposals Gov. Phil Murphy has advocated over the past year. The  recommendations, unveiled by the progressive think tank New Jersey Policy Perspective on Sept. 18, call for a hard cap on  yearly allocations, as well as  a ...

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Masonry subcontractor ordered to stop work on school following wage theft violations

Union Township-based Three Sons Restoration has been ordered to stop performing work on several public projects across the state after it allegedly stole nearly $4,000 of wages from employees, state labor officials announced this week. The masonry subcontractor will have to halt any work it has been doing on its Union headquarters, as well as the Maurice Hawk Elementary School in ...

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CIT Bank unveils move to Morristown after eyeing move to New York

CIT Bank announced it will move its corporate facility from Livingston to a new site 12 miles away in Morristown, after the state offered a $22 million tax break to keep the bank from relocating the offices out of state to White Plans, N.Y. CIT’s decision to stay in New Jersey means the state will keep 711 existing jobs, according ...

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Murphy admin scores partnerships between Princeton University, Indian companies

Princeton University shook hands with two India-based renewable energy companies expanding to New Jersey as Gov. Phil Murphy tours the country in a week-long trade mission to tout the state’s business and industry abroad. The Ivy League school signed two memorandums of understanding, according to Choose New Jersey, the nonprofit tasked with marketing the state as an ideal location for ...

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Murphy disapproval rating is rising, new poll finds

A new poll shows Gov. Phil Murphy with a rising disapproval rating, and an approval rating that has stayed largely flat since he took office in January 2018 and lower than that of his predecessor, Republican Gov. Chris Christie, at the same time point in his term. The Tuesday report from the Monmouth University Polling Institute shows that 41 percent ...

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As corporate tax break talks stall, lawmakers look to ‘ceasefire’ with neighboring states

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.  The introduction of ...

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NJ casino revenue grows 13 percent in first year of online sports betting

Patrons wagered over $293 million in New Jersey’s sportsbooks in August, helping mark a 13 percent increase in casino profits compared to August 2018 when the state first rolled out mobile and online sports betting. Data released Thursday by the state’s Division of Gaming Enforcement showed that the nine casinos brought home $338.8 million last month. Only Harrah’s Resort Atlantic ...

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Bill to clear marijuana criminal offenses stalls again in Legislature

Efforts to enact a law clearing certain marijuana convictions stalled on Thursday morning when the state Senate pulled a vote on some of the changes Gov. Phil Murphy wanted to have in the cannabis expungement bill. Lawmakers instead reintroduced the bill yesterday afternoon, which according to Senate President Stephen Sweeney, D-3rd District, contains much of what Murphy wants. Thursday’s vote on ...

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