State Sen. Declan O’Scanlon was measured in his tone but precise in his words.
Speaking at Garden State Initiative’s second annual Economic Policy Forum on Thursday in New Brunswick, O’Scanlon (R-Holmdel) put the shortcomings of the state’s economy on the actions of government officials.
“The worst thing a state can do — which is the playbook New Jersey seems to follow at times — is to go out and act as if you actually care about what businesses say and what they need, and then do the exact opposite,” he said. “We’ve done that for a long time.”
O’Scanlon, who has served in the Legislature since 2008, said growing the economy is a numbers game — and one the state currently is losing.
“The rhetoric that comes out of the front office ignores mathematics,” he said. “There is a limit to how much we can increase the cost on the people who create the jobs here until they go away. And they’ve already started to go away.
“It’s a thing that we deny: Our tax policy and our regulation policies have a real impact on what people do.”
From Commercial Appeal:
Railroad company Pandrol USA plans to open a North American global headquarters in Memphis, incentive documents show.
The new headquarters planned for 611 Winchester Road would bring 73 jobs to Memphis. The workers will be paid an average wage of $49,453 annually, the company said in an application for a Community Builder payment-in-lieu-of-taxes (PILOT) incentive submitted to the Economic Development Growth Engine for Memphis and Shelby County.
The EDGE board will vote on whether to approve the incentive at a public meeting at 3 p.m. Wednesday at the Better Business Bureau office on Tyndale Drive in East Memphis.
Pandrol has no presence in Shelby County. Workers at the new facility will manufacture railroad fastening products, the PILOT application said. The new headquarters is expected to cost the company nearly $9.3 million.
The company has requested a 15-year PILOT incentive. That would save the company about 75% of its tax obligation for the lifetime of the incentive. That represents more than $1.5 million in savings, according to EDGE documents.
Pandrol is a global company with offices in several countries, including France, China and Russia. The main office in America is in New Jersey, according to the company website. It is not clear if that office will remain open after a Memphis headquarters is established.