Transit-Oriented Tax Credits Nudge Company to Relocate

By relocating to a transit-adjacent building in New Jersey, electronics maker Panasonic has qualified for more than $100 million in tax credits from the state.
June 1, 2011, 6am PDT | Nate Berg
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The move to Newark is a boon for the city, but the state tax credit program is likely an even bigger boon for the company.

"[H]is company is leaving its headquarters in Secaucus, N.J., because there, too many of its employees have to drive to work.

Joe Taylor: 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.

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."

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Published on Friday, May 27, 2011 in Marketplace
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