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New Jersey Pays $102 Million to Move Electronics Firm Down the Road

Whovian

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New Jersey Pays $102 Million to Move Electronics Firm Down the Road - FoxNews.com

Panasonic signed a 15-year lease to move to Two Riverfront Center in downtown Newark from Secaucus, N.J., after being in the market and fielding offers for a new corporate home from states including Georgia, California and New York.

CEO Joseph Taylor said at a press conference following the lease signing that the incentives are what enabled business giant Panasonic to remain in the Garden State.

"Like some other major electronic companies, Panasonic faces the same demanding economics that led those companies to leave the state of New Jersey and move across the country," Taylor said. "We're keeping 1,000 jobs in New Jersey; we're keeping our employees here."

The funding falls under a tax credit program called the "Urban Transit Hub Tax Credit," which is intended to develop blighted areas accessible to public transit by giving corporations that employ at least 250 full-time workers incentive to build or rent office space in or near nine designated urban transit communities, one of which is Newark.

Christie defended the decision at a press conference at the Meadowlands Sports Complex in East Rutherford last month, saying tax breaks like the one offered Panasonic are necessary to keep high paying, white-collar jobs in New Jersey and "stay competitive with other states."

Panasonic officials said that commercial real estate developers SJP Properties and Matrix Development Group will begin construction on a new 280,000 square foot sustainable high-rise facility this summer. The company also expects to move from Secaucus to what will be known as Two Riverfront Center before April 2013.

Excellent move by Christie. He keeps an important corporation within the state, ensuring future tax revenue... he keeps a thousand jobs in the state (more when you count the construction and support jobs the new facilities for Panasonic will create... he shows other corporations he is business friendly and willing to work with them so they don't relocate outside the state...

excellent move.
 
Christie wants your vote when he runs for president. Sadly, a number of people, many with the brains of a large rabbit, will support him.
 
you mean corporate welfare?
 
But... I ... but...

Wha...You support... but...

*head explodes*
 
I don't get it. Why do people attack someone for doing the right thing for his State, which by the way is his job.

Liberals in any clothing seem to have to insult people, call them, etc. Have they all learned not to think, and for crying out load never talk about the issue at hand.
 
I don't get it. Why do people attack someone for doing the right thing for his State, which by the way is his job.

Liberals in any clothing seem to have to insult people, call them, etc. Have they all learned not to think, and for crying out load never talk about the issue at hand.

And how do you feel about corporate welfare?
 
New Jersey Pays $102 Million to Move Electronics Firm Down the Road - FoxNews.com

Excellent move by Christie. He keeps an important corporation within the state, ensuring future tax revenue... he keeps a thousand jobs in the state (more when you count the construction and support jobs the new facilities for Panasonic will create... he shows other corporations he is business friendly and willing to work with them so they don't relocate outside the state...

excellent move.

Illinois is doing the same thing and Motorola didn't even have to move. We're about to do the same thing with Caterpillar. You know what I'd like to see? The numbers! Why do we assume it's a good thing or a bad thing? We aren't privvy to the reasoning in black-and-white dollars.

Whovian, I'm very curious about your stance. On what do you base that it's an excellent move by the governor?
 
So let me get this straight. Liberals pin republicans with the charge that they've caused jobs to leave (states, the country at large, etc). Liberals demand that businesses bring jobs back or keep jobs here. Somebody does that, to benefit their state and constituents, and now it's evil.

Is that about right?

Excused me; those with "undisclosed" or "independent" affiliations who lean left.
 
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Whovian, I'm very curious about your stance. On what do you base that it's an excellent move by the governor?

Mostly to piss off the Christie haters here ;).

Seriously though, I listed my reasons. I was born and raised in NJ. Lived there my entire life until my divorce. I have friends, family, and a great love for the state as a whole. Anything that helps NJ keep jobs, create jobs, retain tax revenue, is all good to me.

BTW, if the governor was a Democrat, or we were talking about a Democratic governor who did this same thing, I'd be high fiving them as well.

'It's the economy, stupid!' Remember folks??? ;)
 
And how do you feel about corporate welfare?

And how do you feel about losing a high paying job producer in your state?

Ahh, better to lose those jobs then to "give corporate welfare"
 
The $102 million here pales in comparison to the loss in tax revenue, wages from lost jobs, etc. that Panasonic moving out of the state would cause.

This was a good financial decision for NJ. Period.
 
So let me get this straight. Liberals pin republicans with the charge that they've caused jobs to leave (states, the country at large, etc). Liberals demand that businesses bring jobs back or keep jobs here. Somebody does that, to benefit their state and constituents, and now it's evil.

Is that about right?

Excused me; those with "undisclosed" or "independent" affiliations who lean left.
Who said anything about evil? I simply don't see what all there is to celebrate here. This is obviously not a long-term solution. Yes, the jobs are staying in NJ, but the state government is basically paying the salaries of everyone who works at the company for about four years. Sounds like a bailout, or welfare, or nationalization, or many other things conservatives oppose when liberals do it.
 
Who said anything about evil? I simply don't see what all there is to celebrate here. This is obviously not a long-term solution. Yes, the jobs are staying in NJ, but the state government is basically paying the salaries of everyone who works at the company for about four years. Sounds like a bailout, or welfare, or nationalization, or many other things conservatives oppose when liberals do it.

So what solution would you have provided to keep the company in New Jersey. That's something I haven't yet seen from the critics in this thread.
 
So what solution would you have provided to keep the company in New Jersey. That's something I haven't yet seen from the critics in this thread.
I don't know. I'm not critiquing it, I don't think it is necessarily a bad (temporary) solution. I am just interested in the responses, like you.
 
I don't know. I'm not critiquing it, I don't think it is necessarily a bad (temporary) solution. I am just interested in the responses, like you.

What gets me is that not mentioned in the story is that the other states that were in the running were offering the same kind of incentives.. NJ won.. :)


Tim-
 
I don't know enough about the deal to say much about it. But from the reported cost ($102 million) and number of employees who would be retained in New Jersey (1,000) and the term of the lease (15 years), the cost comes out to $6,800 per employee. For an individual to pay $6,800 in state income taxes, an individual would need to earn more than $100,000 per year. It is highly unlikely that the average taxable income of the 1,000 employees comes to $100,000. Of course, even higher taxable incomes would be required when an individual has deductions e.g., for property taxes. Hence, I have some potential reservations about the cost-effectiveness of the move. If data on total taxes paid to NJ by Panasonic (company and employees and NJ suppliers from income earned from doing business with Panasonic) were available, my possible reservation would be addressed.
 
I don't know enough about the deal to say much about it. But from the reported cost ($102 million) and number of employees who would be retained in New Jersey (1,000) and the term of the lease (15 years), the cost comes out to $6,800 per employee. For an individual to pay $6,800 in state income taxes, an individual would need to earn more than $100,000 per year. It is highly unlikely that the average taxable income of the 1,000 employees comes to $100,000. Of course, even higher taxable incomes would be required when an individual has deductions e.g., for property taxes. Hence, I have some potential reservations about the cost-effectiveness of the move. If data on total taxes paid to NJ by Panasonic (company and employees and NJ suppliers from income earned from doing business with Panasonic) were available, my possible reservation would be addressed.

It wouldn't be based solely on income from citizens, but also tax revenue from the company itself, as well as property taxes (assuming corporations pay those), utility taxes to the state, etc. ...and I just read your last sentence, so there ya go.
 
It wouldn't be based solely on income from citizens, but also tax revenue from the company itself, as well as property taxes (assuming corporations pay those), utility taxes to the state, etc. ...and I just read your last sentence, so there ya go.

Of course. That's why I noted that data on total taxes (company and employees and NJ suppliers from income earned from doing business with Panasonic) would address my possible reservation.
 
Of course. That's why I noted that data on total taxes (company and employees and NJ suppliers from income earned from doing business with Panasonic) would address my possible reservation.

I read the first part of your post and was like "but he's missing....!!" and quickly went to post. My bad.
 
So let me get this straight. Liberals pin republicans with the charge that they've caused jobs to leave (states, the country at large, etc). Liberals demand that businesses bring jobs back or keep jobs here. Somebody does that, to benefit their state and constituents, and now it's evil.

Is that about right?

Excused me; those with "undisclosed" or "independent" affiliations who lean left.

I was going to ask why bailouts and corporate welfare are bad when Democrats do it but are SAVING JOBS when Republicans do it.
 
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