Clean Green Textile Service, which is based in Bellmawr, applied for a $5 million tax break under the Grow New Jersey Assistance Program
CAMDEN -- Another round of tax breaks were approved Thursday by the New Jersey Economic Development Authority (NJEDA), this time to encourage a Bellmawr-based company to relocate to Camden and the expansion of another operation in Winslow Township.
Holtec International plans to build a 600,000-square-foot facility to build nuclear reactors on the Camden waterfront. (Star-Ledger file photo) Clean Green Textile Service, which is located in Bellmawr, applied for a $5 million tax break under the Grow New Jersey Assistance Program. According to the agenda for the NJEDA's meeting, the company that would move 59 jobs into the city would be awarded approximately $500,000 over a 10-year period.
Under the same assistance program, Winslow-based Eggo Company was granted $9.4 million in tax credits to facilitate an expanded operation there. Per the agenda, the company would receive $944,000 over a 10-year period.
The Camden project is one of numerous tax breaks approved by the NJEDA in 2015. Other recipients include the Philadelphia 76ers, Lockheed Martin and Holtec International. So far, more than $1.1 billion in tax credits have been awarded to entice companies to come to Camden.
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New Jersey Policy Perspective (NJPP) came out in criticism of the tax breaks, stating that the $5 million award might rake in a $73,357 net benefit if the company stays in the state for 35 years. What's more, the company is currently based six miles away from Camden City.
"If the company did no more than fulfill its end of the bargain [staying for only 15 years], the state would have no recourse to take back the tax break, and the Garden State could lose up to $2.1 million -- nearly half the total subsidy award," according to NJPP.
According to NJPP figures provided to NJ Advance Media earlier this week, the three largest tax breaks awarded in 2015 were $260 million to Holtec; $252 million to EMR Eastern and $164 million to American Water Works.
Greg Adomaitis may be reached at gadomaitis@njadvancemedia.com. Follow him on Twitter @GregAdomaitis. Find the South Jersey Times on Facebook.
