Murphy to audit corporate tax incentives given by Christie administration

[antinimby]

Originally Posted by Retriever

+1
However, it should be fascinating to see how the ever-hysterical Murphy-phobes on this board will attempt to spin this audit into something that is negative in nature.

In addition to that 9 mile move for Panasonic, there was also a move of... maybe... 5 miles for Goya Foods, and Subaru of America is moving... all the way... from Cherry Hill to Camden. Here is a NYT article from a few years ago, on this topic:
Christie Gives New Jersey Firms Tax Breaks for Short Moves - The New York Times

Here is former Congressman Jim Hightower's take on the issue:
https://hightowerlowdown.org/article...milk-taxpayer/

It may just be that these companies were considering other non-NJ locations so the tax break was to get them to stay within NJ, regardless if it was Secaucus or Newark or Camden.

[Retriever]

Originally Posted by antinimby

It may just be that these companies were considering other non-NJ locations so the tax break was to get them to stay within NJ, regardless if it was Secaucus or Newark or Camden.

That is their usual threat. The ultimate question is...Are they bluffing, or are they serious about the possibility of moving out-of-state? A good bluff will yield $$ millions--or perhaps even $$ billions--in long-term tax breaks.

Unfortunately, nobody except the CEOs (and possibly their Board Directors) know for sure whether they are really contemplating an out-of-state move, or whether they are--to use Chris Christie's famous defense--"squeezing the orange".

[tom1944]

Originally Posted by NJBoy3

I think it is so funny. Murph wants to chase down incentives Christie gave out but he thinks it is ok to give $7,000,000,000,000 to Amazon. Ha, ha..

Explain that since it was passed before he became governor.

He never claimed to be against incentives. He has doubts the incentives were met with the required results.

He might be right

[AnesthesiaMD]

Originally Posted by Retriever

That is their usual threat. The ultimate question is...Are they bluffing, or are they serious about the possibility of moving out-of-state? A good bluff will yield $$ millions--or perhaps even $$ billions--in long-term tax breaks.

Unfortunately, nobody except the CEOs (and possibly their Board Directors) know for sure whether they are really contemplating an out-of-state move, or whether they are--to use Chris Christie's famous defense--"squeezing the orange".

Unfortunately we don’t know, but it is a lot cheaper to run a company in many of the southern states, so it is not unrealistic to believe they would move.

Calling their bluff could end in disaster, and they know it.

If we give them the tax break, we only lose the corporate taxes.

If we lose the company to another state, we lose the corporate taxes anyway...along with a lot of jobs and the income tax the employees pay.

I’m don’t get any joy from losing the corporate taxes, but they do have us over a barrel. And I haven’t heard anyone come up with another viable solution.

[NJBoy3]

I have little doubt he's right. And I am glad he is doing it. But Amazon, 7 billion?? Crazy, crazy, crazy..

[sonofagunk]

I love how people think companies got state money to move 5 miles. They got the money to move ONLY 5 miles instead of 300+ to get out of NJ