ANNOUNCED AS TEMPORARYNo
Tax or social insurance relief
In an agreement reached on September 10, 2015 (modified December 13, 2016) the state of New Jersey granted $148,589,900 in tax credits over a ten-year period to EMR Eastern LLC and affiliates. The company is in the business of metal recycling, namely the purchase, processing, and sale of ferrous and nonferrous scrap material.
These credits were provided under the Grow New Jersey Assistance (Grow NJ) Program. Approved by the New Jersey state legislature created in 2013 (P.L. 2013, c. 161), and modified in 2014 (P.L. 2014, c. 63), the program’s benefits are available to businesses creating or retaining jobs in New Jersey and making a qualified capital investment at a qualified business facility in a qualified incentive area. Applicants must employ a certain number of personnel in retained and/or new full-time jobs at a qualified business facility and make, acquire, or lease a capital investment equal to or greater than defined thresholds in order to be eligible for tax credits. Applications are also subject to a net benefit analysis to verify that the anticipated revenue resulting from the proposed project will be greater than the incentive amount.
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