Ribbons were cut in Morris Plains yesterday, celebrating the new headquarters of Honeywell, the $40 billion industrial conglomerate, numbering 74 on the Fortune 500 list.
While it’s not closely identified with New Jersey, Honeywell won a [link:http://www.njpp.org/blog/looking-beyond-the-ribbon-cutting-new-honeywell-hq-comes-at-steep-cost-to-taxpayers|
$40 million] tax break from the state for agreeing to move its headquarters from Morristown five miles to Morris Plains. Honeywell had threatened to relocate its 1,061 jobs if it did not get a significant tax break.
The move has been quite controversial: A number of analysts, not just New Jersey Policy Perspective, have complained that the tax break is excessive.