TRENTON, NJ-The New Jersey Economic Development Authority is offering Sony Music Entertainment a $1.6 million tax incentive to move 50 jobs to the home state of 'The Boss” instead of to Long Island City.
Sony, the international recording company based in Tokyo, owns the rights to much of the famed New Jersey native Bruce Springsteen's rock oeuvre. The company is considering moving employees from Manhattan to either Rutherford or Long Island to “improve its operations,” according to the EDA.
A Grow NJ award granting the $1.6 million tax break over ten years was approved at an EDA board meeting in an effort to get Sony to choose New Jersey. The company said it is looking at a site on Route 17 in Rutherford, which would require a $5.85 million capital investment
In its application for the tax credits, Sony noted that it is on a cost-cutting campaign and said the grant was a “material factor” in deciding where to locate.
The EDA board also approved two other Grow NJ tax incentives last week, both aimed at convincing companies that are considering relocating to Pennsylvania to instead remain in the Garden State and expand their facilities
- engineering and equipment manufacturer Procedyne Corporation, which has a facility in New Brunswick, and
- association management company Association Headquarters, Inc.'s, currently leasing space in Mount Laurel.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
