Under a settlement between MSNBC and the authority, the state agreed to reduce state sales taxes on the Secaucus equipment.
The company isn’t refunding any money to the state, said Glenn Phillips, a spokesman for the authority. The state instead will reduce by $2.3 million future business grants to business news channel CNBC’s facility in Englewood Cliffs.
CNBC will need to retain a minimum of 590 jobs in Englewood Cliffs through 2020 or it will need to pay back its own business incentive grants, estimated at $4.6 million when approved in 1999. The state hasn’t given out any of the money because the company hasn’t yet reported the jobs, Phillips said.
Meanwhile, the New York City Industrial Development Agency earlier this year approved $1.5 million in tax abatements for MSNBC for moving 421 Secaucus jobs to Rockefeller Center.
“They’re taking our money and running,” Turner said. “In this case they’re taking our money and running into New York with these 400 New Jersey jobs.”
May 14, 2007
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