Number of the Day: $82.5 million

September 27, 2011 | Number of The Day

Tax credits in return for promises to keep jobs in state are always controversial, but the outcry over the relatively small $420,000 film tax credit for MTV’s reality show “Jersey Shore” helped drive Gov. Chris Christie to veto a Democratic bill extending the tax credit program. Still, New Jersey Policy Perspective, a liberal-leaning thinktank, juxtaposes the outcry over the so-called “Snooki” credit with the
$82.5 million tax break recently given to London-based publishing company Pearson by the state Economic Development Authority. Pearson won the credit for moving 470 employees from Upper Saddle River to Hoboken, rather than to Manhattan.

Although the tax credits will keep those 470 workers in Hoboken, Pearson is still relocating 600 jobs from Jersey and other environs to lower Manhattan in return for additional tax credits of about $27 million from New York.