From the Asbury Park Press:
MSNBC receives $1.5M from New York City
Cable channel MSNBC, which recently announced plans to leave New Jersey after receiving more than $8 million in state subsidies and tax breaks, is now in line for more than $1.5 million in incentives from New York City, where the channel is relocating most of the jobs that have been based in Secaucus.
MSNBC, which is slated to leave New Jersey five years ahead of its original commitment and just months after its state grants expire, is now set to receive $1.5 million in property tax abatements from New York City. MSNBC’s investments would also be exempt from certain city and state taxes under the pending agreement with the New York City Industrial Development Agency.
In return, MSNBC and its parent, NBC, are expected to invest at least $57 million at the company’s Rockefeller Center headquarters and move 421 of its New Jersey jobs to New York.
The renovations are expected to generate $1.9 million in taxes for the city. Ongoing job growth spurred by NBC Universal Inc. could bring New York $520 million over the next 17 years, according to agency estimates.
In its 10 years in New Jersey, MSNBC created 459 jobs, but nearly all are being eliminated as part of a company-wide restructuring.
Whats the diff. maybe corzine and katz
could keep them here.
RN soon to be, time to flee:
Mo’ money leaving the state
Come on buy a 800K house please
Don’t worry. I’m sure we can replace those high paying MSNBC jobs with either more government jobs or jobs in retail or chain restaurants.
NJ will likely offer a matching subsidy. They set the precendent with the Marcal tax cuts. Pretty soon every large employer will be trying to squeeze cuts from the state.
Can NJ afford to subsidize all these jobs?
jb
I don’t know they can play one off the other. We will move unless you give us no taxes for a long time. Local polticians know they will be roasted if it happens on their watch.
Are there any blue collar towns ( where blue collar people can buy ) in NNJ anymore? Union City/North Bergen seems like very blue collar but the prices are making it for other NNJ to come on and play landlord only.
( Was R Patrick, might be RN Redneck soon )
R Patrick,
I’ve responsed to your posts on several occasions suggesting that you look outside of NJ. You really have an awsome opportunity that not many people have. You are not tied down to a job yet and you have a degree where you can do well almost anywhere you go.
Where are you thinking about if you do leave?
JB,
It’s unfortunate that its come to states playing off each other for business. However, $1.5 million to keep 459 employees equates to $3,267 per employee. This is probably about a year’s worth of income taxes. In the alternative, you could lose income tax revenue forever by having these employees go to New York.
In Marcal’s case, if it weren’t for the sales tax break, they would be out of business and not paying sales tax for electricity anyway. NJ would also lose property tax and income tax revenue.
I would rather not have to hand out these tax breaks, but I would rather “invest” in keeping and expanding private industry than rely on govt. jobs. These breaks must be treated like an investment though, the benefits to the economy and future tax revenue must justify the breaks.
Tax “breaks” are a symptom of uncompetitive tax policy.. Wonder why jobs are moving to lowtaxland?
http://www.taxfoundation.org/research/show/1885.html
Thw way I understand it, is that MSNBC is leaving NJ and going back to NY period. I do not believe it is a tax subsidy issue.
The point is, the NJ subsidies expired, and as a result of that (and other things, obviously) NJ was no longer attractive enough of an environment for them to stay.
“MSNBC, which is slated to leave New Jersey five years ahead of its original commitment and just months after its state grants expire”
Tax breaks expire, bye bye business. This is an indictment of how bad tax policy is in NJ. Though taxes aren’t the sole decider (NYC has even _worse_ taxes) they are a significant component in any company’s planning.
MSNBC is still on the air? Who’s watching?
# RentinginNJ
1. I agree with you hence the “Flee NJ” comments.
2. Options with cheap flights back and good hosptials to work for.
3. Friends out in chicago with ideas to buy multi family, but prices in good areas really crazy comapred to wages which are like 50-60% of here for many jobs. 500K when making 60-80 doable 500K when making 30-40 not so doable.
2 bedroom loop condo ( equivilent of midtown ) 200-250K! My Studio here is worth 60 anti bubble adjusted!
4. I own a small studio co-op in fort lee. I pay much less taxes/maint/living expenses than anyone else I know. It makes sense to stay here making the money and not spending the big money and saving. ( I did budget fun in there I promise )
5. I was having a small ego day when I mentioned the cars and “prestige items” Sorry it gets annoying sometimes to feel like the poor fool all the time.
Does thet clear it up? But Renting, if I need.want to stay in the area because I get a great job ect I was thinking multi family union city 3 unit with the garage. Live on top floor or the studio they have behind the garage.
Sounds like the way things are done in Highlands where you get abatements and then when they are up you move out. Highlands has something called the BID but they actually don’t do anything to retain existing businesses.