REPORT: N.J. freezes Holtec’s $260 million tax break

REPORT: N.J. freezes Holtec’s $260 million tax break

TRENTON, N.J. – Days after learning that a state grand jury served a subpoena upon the New Jersey Economic Development Authority (EDA), we now know that the state is freezing a quarter of a billion tax credit previously awarded by the EDA to Holtec International. 

“New Jersey state officials have placed a hold on a $260 million tax break for Holtec International, a nuclear company that built its new headquarters on the Camden waterfront, while investigators examine details of its application, according to two state officials with knowledge of the investigation,” explained ProPublica’s Nancy Solomon in a Tuesday afternoon report.

Governor Phil Murphy’s arch-nemesis George Norcross is a member of the Holtec Board of Directors; the information demanded of the EDA reportedly relates to companies and organizations including Holtec to which Norcross has close ties.

Norcross recently filed suit against Murphy and the EDA panel investigating the credits. 

ProPublica has the full story here.