June 22, 2012
"Honeywell International has applied for a tax credit under the popular Grow New Jersey Assistance Program less than two years after a different state incentive program was greatly expanded to keep the Fortune 100 company from leaving the state."
"Ted Zangari said a business would 'have a heavy burden to overcome' if it's seeking to 'trade up to a more generous incentive program.' He noted the incentive programs require the company's CEO certify that it would keep its company in the state in return for the incentive package.
"The business would have to demonstrate (to the EDA) a dramatically changed set of circumstances that have prompted the need to switch incentive programs," said Zangari, one of the top advocates for the Grow New Jersey program. He said new circumstances could include "a significantly larger project, new construction instead of a minor refurbishing or a different facility with higher rents."