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Posted on Sat, Nov. 22, 2003 |   |
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Tax break with lure for Cigna is signed
The law widens incentives for moving into Camden. The headquarters of Equity Bank also could be covered. Inquirer Trenton Bureau TRENTON - Tax breaks that could help lure Cigna Corp. and 1,500 jobs from Center City to Camden were signed into law yesterday by Gov. McGreevey. They also could be used as part of Camden's effort to entice Equity Bank to move its headquarters and 50 jobs from Marlton to Camden's waterfront. Under the Camden recovery act, approved in 2002, companies that move into the city can be reimbursed for 75 percent of their state corporate-business taxes. But until now, insurers and financial institutions could not benefit because they pay different forms of state tax. The new law extended the tax breaks to those types of businesses. It was written with Cigna in mind, but can provide tax breaks to other firms. Cigna has major leases expiring in both One and Two Liberty Place in Center City in the next few years. "Any company, regardless of what they pay in terms of taxes, can benefit by moving to Camden," said State Treasurer John McCormac, who chairs Camden's economic recovery board. Representatives of Cigna and Equity could not be reached for comment yesterday evening. Philadelphia officials have complained that New Jersey has launched a bidding war to attract companies across the Delaware River. In September, McGreevey expanded other tax incentives to bring more firms to New Jersey. The bill he signed yesterday was sponsored by Sens. Wayne R. Bryant (D., Camden) and Martha Bark (R., Burlington). Bryant was criticized this year when it was revealed that he was a paid member of Equity's board of directors. He said his tie to Equity had nothing to do with the legislation and that his objective was to get Cigna to move to Camden. |
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