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1/21/2015 |
Business |
New Jersey Doubles Down on Incentives for Business |
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By Josh Dawsey, The Wall Street Journal -- After Subaru executives this fall floated moving the auto company’s U.S. headquarters 8 miles from Cherry Hill, N.J., to Philadelphia, New Jersey offered a deal: Relocate to Camden instead, and the state would commit $118 million in tax incentives.
Subaru stayed in the Garden State.
The tax-incentive package, said Michael McHale, a Subaru spokesman, “was essentially the cost of our new headquarters.” A Pennsylvania spokesman said the state’s offer came nowhere close to New Jersey’s, which was “obviously an enormous offer that Subaru couldn’t pass up.”
As New Jersey’s economy has struggled, the state aggressively has ramped up its corporate-subsidy programs, far outpacing those in New York, Pennsylvania and Connecticut. New Jersey committed $2.1 billion in 2014, a record annual amount for the state. New Jersey surpassed $1 billion for the first time in 2012.
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