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Tax Incentives

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NEWS
July 11, 2007 | By Michael Klein INQUIRER STAFF WRITER
Filmmakers who shoot in Pennsylvania could get an eight-fold increase in tax incentives in the state budget agreement reached Monday. But the $80 million package, one of the most generous in the country, wasn't what film boosters had sought. They wanted unlimited incentives. Sharon Pinkenson, head of the Greater Philadelphia Film Office, was looking on the bright side. "I woke up saying to myself, 'Last year, we had $10 million. This year, we'll have $80 million to bring jobs, films and movie business to Pennsylvania,' " Pinkenson said.
NEWS
June 4, 2000
Merck & Co. collected more than $5 billion in profits last year. Nationwide Financial Services has posted five straight years of record earnings. The Vanguard Group manages more than $500 billion of other people's money. So why are Pennsylvania taxpayers subsidizing all three? That's what Gov. Ridge says he needs to do to persuade big employers to locate, expand, or remain in Philadelphia's busy western suburbs. If Pennsylvania doesn't pay, other states are eager to do so, Ridge said Thursday during a visit to the new headquarters of Nationwide's Villanova Capital Group affiliate in Miquon, Montgomery County.
NEWS
December 19, 2015 | By Jonathan Lai, Staff Writer
New Jersey lawmakers want to give more tax credits to businesses that agree to move to areas around the state's colleges and universities. The bill was first introduced in 2005 and has been reintroduced every session since. On Thursday, it was approved by the Assembly. Since the Senate passed it last week, it now goes to Gov. Christie's desk. It would create "innovation zones" in areas around campuses, giving tax incentives to companies that move there. Advisory boards would decide what types of industry to support in each zone.
NEWS
September 13, 2014 | By Andrew Seidman, Inquirer Trenton Bureau
Gov. Christie on Thursday asked the Legislature to beef up tax incentives for non-gambling projects in Atlantic City as part of an economic development bill. He conditionally vetoed the bill, passed by the Democratic-controlled Legislature in June, which would revise the state's economic incentive programs. Under Christie's revisions, non-gambling businesses in Atlantic City would be eligible for many of the same incentives as those in other poor cities, such as Camden. "Similar to Camden and other targeted cities in New Jersey that are in need of economic rejuvenation, I am recommending that non-gaming development projects and private-sector job growth in Atlantic City be eligible for the strongest possible incentives," Christie wrote in his conditional veto message.
NEWS
July 8, 2013 | By Chris Mondics, Inquirer Trenton Bureau
TRENTON - When Gov. Patrick Quinn of Illinois signed legislation in 2011 raising the state's corporate income tax by two-thirds, Gov. Christie was quick to react. He vowed to travel to Illinois to persuade businesses there to relocate to the Garden State, even though New Jersey's corporate income tax was nearly the same. Hard-fought interstate trade wars have always been part of the landscape for governors and state legislators, who boast about the competitive merits of their states as they battle for jobs.
BUSINESS
April 16, 2012 | Michael Armstrong, INQUIRER STAFF WRITER
A new report by the Pew Center on the States takes aim at how states use tax incentives to convince and cajole businesses to expand, relocate or just plain hire more people. It's like shooting marlin in a coffee can. The point Pew makes is a familiar one: Officials in all 50 states spend billions of dollars annually on tax incentives, but half cannot say with any precision whether it's money well-spent. Researchers identified 13 states, including New Jersey, as "leading the way" in assessing their economic-development programs and evaluating their impact.
NEWS
September 22, 2011 | BY JAMES F. KENNEY
WHILE UNEMPLOYMENT continues to hover at 9 percent throughout the nation, Philadelphia has an 11 percent rate, as more than 72,000 residents are jobless. In light of a recent report from the U.S. Conference of Mayors projecting "1 in 7 metropolitan areas are unlikely to see prerecession job levels until 2020," creating jobs must be a top priority for City Council and the mayor. Providing tax incentives that entice businesses to create new jobs is a key ingredient to turning our economy around, and it can't come soon enough for the 72,000 Philadelphia families struggling to make ends meet during one of the worse economic downturns since the Great Depression.
NEWS
November 30, 2001
WHILE THE mayor and the governor are behind closed doors trying to hammer out a reform plan for the schools - we hope that's where they are, anyway - a 93-page report released earlier this week has the potential to have an even more profound impact, not only on the state of the schools, but on the future of the city and region. This week, City Controller Jonathan Saidel called for dramatic tax reform that would reduce the wage tax, cut the business privilege tax and reconfigure the property tax. There hasn't been this much talk of tax cuts since George W. was campaigning.
NEWS
April 16, 1994 | By Vernon Loeb, INQUIRER STAFF WRITER
Mayor Rendell, releasing a 13-point plan for rebuilding America's battered urban economies, said yesterday that creating 75,000 new jobs in Philadelphia would do more to fight crime, drugs and homelessness than 1,000 new police officers. Eschewing cities' tradition of asking Washington for massive infusions of aid, the plan Rendell presented at a news conference relies primarily on federal tax and regulatory incentives to help cities attract companies, create jobs for those with low skills, and begin rebuilding their devastated tax bases.
BUSINESS
February 6, 1995 | by Anthony S. Twyman, Daily News Staff Writer
More than $50,000. That's what Lanxton Washington says the wage-tax credit offered in the city's empowerment zone will save his West Philadelphia security firm in labor costs over the next 10 years. "It's attractive," Washington says. "I think it's going to work. " He's also eyeing another empowerment zone perk - tax-exempt bond financing - for the possible expansion of his 7-year old business, L. Washington and Associates, located in the zone at the Philadelphia Business and Technology Center, 5070 Parkside Ave. More than $38,000.
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NEWS
December 19, 2015 | By Jonathan Lai, Staff Writer
New Jersey lawmakers want to give more tax credits to businesses that agree to move to areas around the state's colleges and universities. The bill was first introduced in 2005 and has been reintroduced every session since. On Thursday, it was approved by the Assembly. Since the Senate passed it last week, it now goes to Gov. Christie's desk. It would create "innovation zones" in areas around campuses, giving tax incentives to companies that move there. Advisory boards would decide what types of industry to support in each zone.
NEWS
September 12, 2015 | By Allison Steele, Inquirer Staff Writer
The New Jersey Economic Development Authority on Thursday approved $253 million in tax incentives for a company to build a sprawling metal recycling complex in Camden's mostly industrial Waterfront South district. The project will allow EMR Eastern, which owns the city's Camden Iron & Metal, to build a 700,000-square-foot campus on a six-block area near where the company already operates. The seven buildings to be constructed will include an advanced metals recovery facility and the company headquarters, currently in Bellmawr.
NEWS
September 11, 2015 | By Allison Steele, Inquirer Staff Writer
The New Jersey Economic Development Authority on Thursday will consider giving a metal recycling company almost $253 million in tax incentives for a Camden project. EMR Eastern L.L.C. and its affiliates are requesting the credits over a period of 10 years, according to an agenda posted on the EDA website this week. The national and international European Metal Recycling company owns Camden Iron & Metal, which has facilities in Camden and Bellmawr, N.J., as well as in Philadelphia. The EDA will vote on that and other matters at its regular meeting in Trenton on Thursday.
NEWS
August 12, 2015 | By Allison Steele, Inquirer Staff Writer
The New Jersey Economic Development Authority will consider requests Tuesday from two companies seeking tax incentives in exchange for putting down roots in Camden. Chef'd, a California-based company that provides customers with recipes and ingredients for cooking gourmet meals, has requested $19 million in tax credits over 10 years to locate in Camden. A second company, Great Socks, has requested $15 million in credits over a 10-year period. More information about the projects will be made available Tuesday.
NEWS
July 10, 2015 | By Maddie Hanna, Inquirer Trenton Bureau
A project in Atlantic City could be awarded close to $33 million in tax credits when the New Jersey Economic Development Authority board meets Thursday. The EDA didn't give details Wednesday about the applicant, Atlantic City Contact Center L.L.C., or the project. A spokeswoman said she could not comment before Thursday's meeting. The meeting agenda says the tax credits - $3.27 million a year over 10 years - would encourage the applicant to "make a capital investment and locate in Atlantic City.
NEWS
June 11, 2015 | By Allison Steele and Jonathan Lai, Inquirer Staff Writers
The New Jersey Economic Development Authority approved $164 million in tax credits Tuesday for Voorhees-based American Water Works to encourage the company to relocate to Camden. If American Water Works takes the deal, the company would consolidate current offices in Mount Laurel, Voorhees, Cherry Hill, and Haddon Heights in a new facility to be built in the Gateway District, near Campbell Soup Co. and the future site of Subaru Corp. of America, which last year announced plans to move from Cherry Hill.
NEWS
May 9, 2015 | By Allison Steele, Inquirer Staff Writer
New Jersey State Sen. Raymond J. Lesniak (D., Union) introduced a bill Thursday that would freeze corporate tax-break programs until the state could produce reports assessing how effective they have been at creating jobs and growing the local economy. Lesniak said the legislation would create more transparency surrounding the $5 billion in tax incentives that the state's Economic Development Authority (EDA) has given in recent years to companies, many of which have been awarded the credits in exchange for relocating to Camden and other struggling cities.
NEWS
May 6, 2015 | By Allison Steele, Inquirer Staff Writer
New Jersey could lose close to $100 million from tax incentives that have drawn big businesses to Camden in recent months, according to a report by an advocacy group. The report was to be published Tuesday by the New Jersey Policy Perspective, a liberal-leaning think tank that has been highly critical of the $631 million in tax breaks that the state Economic Development Authority has awarded since late 2013 to companies that agree to relocate to Camden. The study, based on an analysis of data provided by the EDA, warns that that although the tax credits awarded to those companies through the Grow New Jersey program are spread out over 35 years, the businesses could leave Camden after 15 years without having to pay back anything - at a cost of $97 million to taxpayers.
NEWS
April 16, 2015 | By Allison Steele, Inquirer Staff Writer
A Collingswood nonprofit will receive $6.3 million in tax incentives to move its headquarters to Camden, making it the latest entity to relocate there with help from the state Economic Development Authority (EDA). The EDA on Tuesday approved the request by Volunteers of America Delaware Valley, a Christian ministry that has an office in Camden as well as offices in other locations in the area, for $633,750 in breaks annually for 10 years. The organization plans to move 65 jobs about five miles, from an office on White Horse Pike to a city location on Market Street.
NEWS
April 6, 2015
ISSUE | INCLUSION Pa. must enact LGBT safeguards The passage of a so-called religious freedom law in Indiana presents Pennsylvania lawmakers with a unique opportunity to proclaim full human rights for all ("Inviting bigotry," April 2). Now is the time for Harrisburg to enact a comprehensive antidiscrimination law that ensures legal protection for members of the lesbian, gay, bisexual, and transgender community. As a religious leader, my faith calls me to affirm the inherent worth and dignity of all people.
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