Tax Credit Money
Politico has a fun story about the sale of economic opportunity tax credits that the EDA likes to give out, which jumped from $20 million in 2013 to $200 million in 2017. (paywall)
The idea is that the state gives you, Mister innovate-y jobs-create-y person, a “credit” for one dozen dollars off your next tax bill in exchange for blessing us with your business. But lets say you’re a small business that pays less than a dozen dollars a year in taxes (like Amazon, for instance). You can sell your credits today on the open market, usually for 90% of the face value. “Unfortunately, during our debate about the tax credits, the whole idea of selling them is usually deep in the background.
We heard this morning that Marilyn Schmidt died late last night. She bought the Chatsworth General Store and almost certainly saved it from ruin, as part of a long and interesting life. She was a hoot to hang out with. We’ll miss her.
Chris Franklin at NJ.com reports on a Salem County election worker who alleged, in a lawsuit, she was told to keep her mouth shut after she discovered uncounted provisional ballots from a 2016 primary election.
Amanda Auble has a story on the fire house on California Avenue, which has been closed due to mold, which is gross. John Varallo, the new union head, says realistically two stations should be closed. “It’s the lack of the capital improvement and the lack of political will to fix these problems before they balloon, and now we’re here with a station closed.”
Sam Sutton at Politico reported on a bill that passed the state senate that makes it easier for insurance brokers to collect fun benefits when they sell insurance plans, a “clear victory for the state’s insurance industry,” which includes George Norcross and his company that also gets lots of money from the EDA. Steve Sweeney was the primary sponsor.
The Politico Playbook has great rundowns on the state of play around the marijuana-legalization and housing-assistance bills in the state legislature.
Marijuana legalization recently polled 2-1 in-favor among New Jerseyans, but elected officials, who don’t really work for you, are naturally cautious. To pass, they need five yes votes from a group of seven Dems.
Carl Icahn disclosed in an SEC filing he holds a 9.8% stake in Caesars Entertainment and the company should think about selling, which could be good for Atlantic City casino workers but honestly who knows with these people. Icahn’s track record in AC is pretty bleak.
Dr. Alan Faustino, who pled guilty and was sentenced to four years for running an opioid ring out of his doctor’s office, has been released from prison after serving less than seven months, the tireless Lynda Cohen reports.