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Tax Credit

NEWS
June 28, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - Gov. Christie on Friday signed a $33.8 billion budget for the fiscal year that begins Wednesday, vetoing tax increases passed by the Legislature to fund the pension system but extending an olive branch to Democrats by proposing an increase in a tax credit for the working poor. Christie used his line-item veto authority to nix measures passed by the Democratic-controlled Legislature to raise taxes on income exceeding $1 million and on corporations, which Democrats said would have generated more than $1 billion in revenue.
NEWS
June 10, 2015 | By Allison Steele, Inquirer Staff Writer
Voorhees-based American Water Works has asked the New Jersey Economic Development Authority (EDA) for $164 million in tax credits to move its headquarters to Camden. The application is to be considered at Tuesday's meeting of the EDA at the Waterfront Technology Center in Camden. The EDA also will consider a request from a joint Rowan University/Rutgers-Camden board for $50 million to build a "health sciences" building in the city, according to the agenda. That building, on Broadway near Cooper Medical Center, would have classrooms, lab space and offices, and would house Rutgers-Camden's Center for Computational and Integrative Biology.
NEWS
May 9, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey Senate President Stephen Sweeney introduced legislation Thursday that would raise the marginal tax rate on income above $1 million, a measure he said would help fund the pension system, but one that almost certainly will be vetoed by Gov. Christie. Sweeney (D., Gloucester) also proposed increasing a tax credit for the poor. Christie, a Republican, cut that credit in 2010 amid a budget shortfall. "No one likes to increase any tax," Sweeney said in a statement, "and it would not be necessary to do so if New Jersey did not rank near the bottom in economic, revenue, and job growth under the Christie administration.
NEWS
April 17, 2015
DESPITE the number of exemplary schools in this city, far too many Philadelphia youth are still attending low-achieving schools. For that reason I am a proud board member of Sky Community Partners. SCP is an independently audited 501(c)(3) organization that supports expanding educational opportunities and health and wellness in underresourced communities. SCP enthusiastically supports the Opportunity Scholarship Tax Credit and Education Improvement Tax Credit programs. These programs allow businesses to divert a portion of their tax liability from the state to fund scholarships for students in Pennsylvania.
NEWS
December 12, 2014
IT'S HARD enough managing one's own money, but navigating through financial issues with another person can be even more frustrating. I often get questions about marriage and money during my weekly online chats. The following are answers to two recent questions. "What happens when someone with a FICO score of 800-plus marries someone with a score of 400? I anticipate getting engaged soon but am not sure where to start dealing with financial matters. I love my boyfriend, but financial management is not one of his strengths, though it is one of mine.
NEWS
November 12, 2014 | By Allison Steele, Inquirer Staff Writer
Defense contractor Lockheed Martin will receive $107 million in tax credits to operate in Camden, the state Economic Development Authority said Monday. The company will create laboratory facilities in two downtown buildings and move about 250 jobs from the company's headquarters in Moorestown, according to the EDA. The company also has a laboratory in Cherry Hill. The company told the EDA that some of the jobs that will go to Camden are in danger of being eliminated due to increased competition in the defense industry, and that the subsidy will help save them.
NEWS
October 18, 2014 | By Claudia Vargas, Inquirer Staff Writer
City Council on Thursday approved a bill that would make it easier for fast-food firms, hotels, and other traditionally low-wage employers in Philadelphia to pay their workers $12 an hour. If signed into law by Mayor Nutter, an employer would get a $5,000 tax credit for each new full-time worker it hires and pays at least $12 an hour. The tax break would last five years. The bill, sponsored by Councilman W. Wilson Goode Jr. and unanimously approved, comes as some left-leaning groups are campaigning to raise the federal minimum wage to $10.10 an hour, while others want it raised to $15, as Seattle did in June.
NEWS
July 22, 2014 | By Amy Worden, Inquirer Harrisburg Bureau
HARRISBURG - In a state that boasts one of the nation's richest rosters of historic buildings, the long-awaited historic-preservation tax-credit program has become a reality. Two years after Gov. Corbett signed a bill creating tax incentives for restoring older buildings, the first recipients have been named - among them three high-profile projects in Philadelphia. The Department of Community and Economic Development said Monday that it had awarded a total of $3 million in tax credits to 15 commercial projects in 10 counties, including, in Philadelphia, the redevelopment of the old Liberty Title & Trust building next to the Convention Center; the restoration of Park Towne Place Apartments on the Parkway; and the adaptive reuse of St. Peter's Episcopal Church in Germantown.
NEWS
July 10, 2014 | By Julia Terruso, Inquirer Staff Writer
The New Jersey Economic Development Authority on Tuesday disclosed a proposal to award Holtec International Inc. a 10-year, $26 million tax credit to locate some of its operations in Camden. News of the potential project, listed online as part of a meeting agenda, comes a month after an $86 million tax credit was awarded to the 76ers to build a practice facility on the city's waterfront, moving there from Philadelphia. Holtec, based in Marlton and Jupiter, Fla., is a multinational power-plant supplier founded by Krishna P. Singh, who has an engineering doctorate from the University of Pennsylvania.
NEWS
June 26, 2014 | By Andrew Seidman and Julia Terruso, Inquirer Staff Writers
TRENTON - In an evening of drama, New Jersey lawmakers nearly fast-tracked a bill through the Legislature that would have made "Renaissance" schools in Camden eligible for tax credits and would offer early retirement benefits to certain employees of the public school district. At the eleventh hour, however, a Senate panel pulled the part of the measure pertaining to the tax credits. The bill, sponsored by Assemblyman Troy Singleton (D., Burlington) and Sen. James Beach (D., Camden)
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