March 21st, 2007
MSNBC dumps New Jersey, causing state to revamp incentive program
MSNBC's hasty departure from the Garden State has caused New Jersey officials to rethink their entire business incentive program, reports the Philadelphia Inquirer.
From refunds and rebates to tax breaks, every state has business incentives to encourage business growth and development. These perks often ask that companies agree to stay in the state for a certain time period.
New Jersey had given MSNBC $7.8 million in grants to come and stay at least 15 years, but in October the network announced that it was closing its Secaucus facility after 10 years and moving its studios to Manhattan's Rockefeller Center.
State Sen. Shirley Turner, a Democrat, said the state's business incentive program needs to ensure companies fulfill agreements.
"If we keep giving without getting back, our investment strategy will become another bad joke about New Jersey," said Turner.
Under the new proposal, if companies don't fulfill job-creation and longevity promises, they would have to refund their grants. MSNBC was one of the first to participate in New Jersey's Business Employment Incentive Program.
