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."