Tax breaks for Camden businesses may cost NJ taxpayers

Listen
 The site of the new Sixer's practice stadium is located on the Southeast corner of Martin Luther King Blvd. and Delaware Ave. in Camden, between the Susquehanna Bank Center and the Adventure Aquarium. (Kimberly Paynter/WHYY)

The site of the new Sixer's practice stadium is located on the Southeast corner of Martin Luther King Blvd. and Delaware Ave. in Camden, between the Susquehanna Bank Center and the Adventure Aquarium. (Kimberly Paynter/WHYY)

NewsWorks Tonight Host Dave Heller speaks with Gordon MacInnes, the president of New Jersey Policy Perspective, about a new report that finds tax subsidies for corporations moving to Camden may actually be costing New Jersey taxpayers. 

Since 2013 legislation revised New Jersey’s subsidy offerings and placed a unique set of requirements on companies locating in Camden, the state has approved nine deals for job creation or retention in the city totaling $631 million in tax breaks. While the state points to an estimated total $308 million net economic benefit from those deals, the NJPP report finds the “benefit” could easily be a loss of $97 million if the nine companies did nothing more than fulfill all their contractual requirements.

The deals calculate benefits over 35 years, even though the mandates on relocating companies last at most 15 years.

Want a digest of WHYY’s programs, events & stories? Sign up for our weekly newsletter.

It will take 126,000 members this year for great news and programs to thrive. Help us get to 100% of the goal.