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State approves tax credits to keep companies in N.J.


APRIL 15, 2015    LAST UPDATED: WEDNESDAY, APRIL 15, 2015, 1:21 AM

* State authority approves sizable grants

New Jersey’s Economic Development Authority on Tuesday approved more than $130 million in tax credits aimed at convincing several companies to expand in New Jersey, rather than in nearby states. The action included two sizable grants in Jersey City.

“The assistance approved at today’s meeting illustrates the breadth of programs EDA offers to support the revitalization of our cities,” the authority’s chief executive officer, Melissa Orsen, said in a statement.

The EDA voted Tuesday to offer Brown Brothers Harriman & Co., a private bank, $19.4 million of tax credits over seven years to keep 435 jobs in Jersey City. The New York-based company also said it hopes to add 110 jobs, some through growth and some through relocations from New York City. The project would bring the state a net benefit of $193 million over 20 years, according to the authority.

The authority also approved a $33.9 million worth of tax credits over 10 years to New York Life Insurance Co. to move 325 jobs from Parsippany to 30 Hudson St. in Jersey City, where it would hire 300 more workers. Without the grant, New York Life would consider moving the Parsippany workers to Manhattan or Sleepy Hollow, N.Y. The New York Life project would bring the state a net benefit of $430.4 million over 20 years, the authority said.

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