Note from the Publisher: We think it’s pretty smart that New Jersey, home of potential future VP running mate to Donald Trump, Gov. Chris Christie, is trying to scoop up up insurance, financial and technology companies (that’s fintech, folks) from its Big Apple neighbor.
“New Jersey is offering almost $200 million in incentives over 10 years to insurance, technology and financial companies to operate across the Hudson River from Manhattan.
One applicant, Ernst & Young U.S. LLP, would score $40 million over 10 years with a Grow New Jersey Assistance Program grant to build in Hoboken, where ferries and rail service make Manhattan reachable in less than 10 minutes. New York-based Marsh & McLennan Cos. Inc. would qualify for $22 million to operate there as well.
Since he came to office in January 2010, Republican Governor Chris Christie has offered more than $6.5 billion in tax breaks to lure companies or encourage them to stay, according to a September study by New Jersey Policy Perspective, a Trenton group that studies issues affecting the poor and middle class. The incentives aren’t awarded unless the applicants satisfy employment, retention and other requirements.”