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. But it’s not just common. It’s pervasive,” Matt Friedman writes.
Here’s a reminder of how South Jersey cleaned up when it came to two of the incentive programs.
The Press and NJ.com both have follow-ups to the story from Tuesday about the city promoting seven lieutenants to the police department, while the PBA and a group of minority officers are involved in lawsuits.
City Council, in December, passed a resolution that the PD should give more preference to its residents when it promotes policepersons, which it’s not at all clear that’s what happened.
David Danzis reports Councilman Kurtz, of the Sixth Ward, “said he was going to submit a formal inquiry to the selection committee about whether council’s request played a role in the process.”
Joe Atmontavage notes the PBA says the promotions are in violation of the state constitution and MSRA, though they (the PBA) did not seem fussed by the whole residents/minorities thing.
The valuable Spotlight notes that New Jersey ranked 51 out of 51 (presumably) in a study by Porch.com that tried to rank how much value-for-money people get for the time they spend in their houses.
I’m sure there are problems with these numbers, but it’s good to know someone out there feels your pain.
A new pizza place is coming to Tennessee Ave. They’re getting EDA money. And we get pizza!
For more feats of journalism…
Pinelands pipeline in serious jeopardy–A controversial pipeline that would cut through New Jersey's Pinelands is in serious jeopardy now that plans to repower a former coal-fired power plant with natural gas have fallen by the wayside, according to documents obtained by POLITICO — a major development in a six-year fight over the project. www.politico.com
INTERACTIVE MAP: THE HIGH, LOW, AND IN BETWEEN OF NJ’S PROPERTY TAXES–The amount paid by the average New Jersey property-tax payer increased by less than 1 percent last year, the smallest rise in decades. But detailed data released by state officials show a wide range of changes based on where homeowners live. www.njspotlight.com
A.C. boys basketball suffer first losing season in 50 years–VOORHEES TOWNSHIP — The Atlantic City High School boys basketball team finished with a losing season for the first time in 50 years Wednesday. www.pressofatlanticcity.com
‘Worst day of my life,’ says EHT man who tried to rescue mom, baby from fiery crash–“I tried everything,” Jim Stebbins said, the day after he tried saving a mother and baby from a fiery crash. “There just wasn’t enough time.” www.breakingac.com