Panasonic Reaps Benefits of New Jersey’s Mass Transit Tax Credit
Panasonic is moving its headquarters down the road from Secaucus, N.J. to Newark. When the company announced the move last month, it said it was attracted to Newark’s public transit system. But there’s also a $100 million package of tax credits involved.
From the transportation nation project at WNYC, Andrea Bernstein reports that the Panasonic move is a huge deal for Newark, a historically depressed city still mired in the memory of 1967 riots. Newark Mayor Cory Booker couldn’t have been more ecstatic.
Mayor Booker said, “Surely in my lifetime, there is no man I’ve tried to woo more than Joe Taylor.”
Mr. Taylor, the CEO of Panasonic, says his company is leaving its headquarters in Secaucus, N.J., because there, too many of its employees have to drive to work.
“We couldn’t possibly demonstrate our commitment and our credibility to being a green company, and ask 1,000 people to drive to work every day.”, said Mr. Taylor.
Panasonic will locate within a block of Newark Penn Station, with connections to Amtrak and several commuter rail lines. It also helped that Panasonic reaped more than a hundred-million-dollar Urban Transit Hub Tax Credit. If a big company locates near a transit line, it gets a bundle of goodies from the state.
Pete Kasabach of the planning group N.J. Future says it makes sense. “Our distressed cities in particular need some incentives in order to bring the first wave of companies back in.”, said Mr. Kasabach.
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