Holtec’s $260 Million Tax Break Frozen by EDA

Jeff Pillets | June 5, 2019 | Budget
Action taken after report of inaccuracy in nuclear company’s application for tax break related to its Camden headquarters

Credit: NJTV News
Holtec International
New Jersey state officials have placed a hold on a $260 million tax break for Holtec International, a nuclear company that built its new headquarters on the Camden waterfront, while investigators examine details of its application, according to two state officials with knowledge of the investigation.

Officials took the action after a report last month by WNYC and ProPublica about an inaccuracy in a sworn certification submitted by Holtec CEO Kris Singh as part of the company’s application. In 2014, the New Jersey Economic Development Authority granted Holtec the second-largest tax break in state history to help the company bring new jobs to the city. The decision to freeze the credits is the first corrective action by the EDA that has become public since Gov. Phil Murphy started criticizing the program in January.

Holtec is one of a number of companies aligned with South Jersey Democratic boss George E. Norcross III, who serves on its board of directors. Companies linked to Norcross and the law firm of his brother Philip received at least $1.1 billion worth of tax breaks, according to a review by WNYC-ProPublica.

The tax break program is under investigation by the state attorney general and a task force appointed by Murphy. Norcross has hired a phalanx of high-powered attorneys who have filed a lawsuit challenging the task force’s authority.

This article was produced in partnership with WNYC, which is a member of the ProPublica Local Reporting Network. It was produced with support from the McGraw Fellowship for Business Journalism at the Craig Newmark School of Journalism, City University of New York.

Read the full story on WNYC News, a content partner of NJ Spotlight.