One project in Camden City and two in Gloucester County could benefit from tax breaks over a 10-year period if approved by a state authority on Thursday.
CAMDEN -- A scrap metal recycling company would be the latest recipient of hefty tax breaks in exchange for "capital investment" in Camden if approved Thursday by the New Jersey Economic Development Authority (NJEDA).
Holtec International plans to build a 600,000-square-foot facility to build nuclear reactors on the Camden waterfront. (Star-Ledger file photo) EMR Eastern LLC, a global scrap recycling company with a head office in Bellmawr and operator of Camden Iron & Metal, could be in line for a $253 million subsidy to be awarded in $25,275,000 increments over a 10-year-term, according to the development authority's agenda for their Thursday meeting.
The EMR Eastern tax break is part of a combined $318 million in financial incentives on Thursday's agenda. However, the fact that nearly $2 billion in breaks have already been awarded in 2015 doesn't sit right with New Jersey Policy Perspective (NJPP).
"New Jersey's political leaders continue to hand out goodies without paying for them, and despite the fact that these special tax deals don't grow the state's economy or create good jobs," NJPP president Gordon MacInnes said in a release.
According to the authority's schedule, two Gloucester County projects will also be mulled.
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- Chelten House Product's application for tax credits under the Grow New Jersey Assistance Program would be used toward an investment in Logan Township. The company, which produces salad dressings and sauces, would receive an annual award of $2,343,000 over a 10-year period.
- B Positive National Blood Services would build a facility in Glassboro. The plasma-providing company, which presently has a location in Cherry Hill, would receive $375,500 over 10 years.
Other corporations to recently see significant tax breaks include the Philadelphia 76ers for a practice facility in Camden and Holtec International for a 600,000-square-foot technology campus.
NJPP Deputy Director Jon Whiten argued that the ultimate payoff of the tax breaks are risky, that burden borne by taxpayers is too large and that many times, jobs are simply shifted around the state and not created.
In an op-ed published by NJ Advance Media, NJEDA board chairman Al Koeppe explained that applicants "must first generate new tax revenue, complete capital investments and/or hire or retain employees to receive the approved benefits" as part of the performance-based program drafted by the state legislature.
Greg Adomaitis may be reached at gadomaitis@njadvancemedia.com. Follow him on Twitter @GregAdomaitis. Find the South Jersey Times on Facebook.
