Posts
Tuesday, March 25, 2008
Posted by
Michael I. Schneck, Esq.
at
4:50 PM
As posted in today’s Star Ledger by Craig:
“A new state program would provide tax credits to corporations that build office towers in New Jersey cities.
The Urban Transit Hub Tax Credit is supposed to convince companies to relocate to Camden, East Orange, Elizabeth, Jersey City, New Brunswick, Paterson, Trenton and... Hoboken.
Companies would have to make a capital investment of at least $75 million and create at least 250 jobs, according to an article yesterday on NJBiz.com. The tax credit would between 80 percent and 100 percent of the company's real estate investment, the article said.
And if the building is located within an Urban Enterprise Zone, the company would be exempt from paying sales tax on furniture, fixtures and equipment.
The program is backed by Gov. Jon Corzine of Hoboken.
To qualify, the business must be within a half-mile of mass transit. The idea, supporters say, is to encourage redevelopment of property within cities, reducing suburban sprawl.”
“A new state program would provide tax credits to corporations that build office towers in New Jersey cities.
The Urban Transit Hub Tax Credit is supposed to convince companies to relocate to Camden, East Orange, Elizabeth, Jersey City, New Brunswick, Paterson, Trenton and... Hoboken.
Companies would have to make a capital investment of at least $75 million and create at least 250 jobs, according to an article yesterday on NJBiz.com. The tax credit would between 80 percent and 100 percent of the company's real estate investment, the article said.
And if the building is located within an Urban Enterprise Zone, the company would be exempt from paying sales tax on furniture, fixtures and equipment.
The program is backed by Gov. Jon Corzine of Hoboken.
To qualify, the business must be within a half-mile of mass transit. The idea, supporters say, is to encourage redevelopment of property within cities, reducing suburban sprawl.”
Labels: Property Tax Reform
