
Business tax rebates go unpaid by New Jersey
FEBRUARY 17, 2015, 9:49 PM LAST UPDATED: TUESDAY, FEBRUARY 17, 2015, 9:49 PM
BY HUGH R. MORLEY
STAFF WRITER |
THE RECORD
As the state pours billions of dollars in business tax breaks into programs aimed at strengthening New Jersey’s struggling economy, it has put the brakes on another incentive program, leaving hundreds of companies without promised payments that could total in the hundreds of millions of dollars.
Seeking to balance the state budget over the last few years, the Christie administration and the Legislature have each slashed funding for the Business Employment Incentive Program, commonly referred to as BEIP, eliminating payments to companies that were promised annual income tax rebate checks in return for moving to New Jersey or expanding here.
The affected businesses range from HighRoad Press — a small printing company that was promised $345,000 over 10 years for its move from Manhattan to Moonachie — to retail giant Bed Bath & Beyond, which is owed $2.8 million for creating jobs in 2012 and 2013. Paying out the money from these awards — estimated at $650 million according to one state estimate — would seem out of reach without an unexpected massive boost in state revenues. The state stopped awarding new grants under the program in 2013.
https://www.northjersey.com/news/business-tax-rebates-go-unpaid-by-new-jersey-1.1272924
Our no show governor is everywhere but here what a joke.