As N.C. politicians celebrate Honeywell’s decision to relocate its corporate headquarters to Charlotte, they might want to file away Rob Jennings’ latest report at NJ.com. It calls into question government’s ability to use targeted tax incentives to sway business decisions.
The planned relocation comes just three years after the company received a $40 million tax credit to keep its headquarters in New Jersey, in a deal brokered and heralded by then-Gov. Chris Christie.
Morris Plans Mayor Frank Druetzler told NJ Advance Media the impending move, first reported on Thursday, caught him by surprise.
“This one came out of left field,” said Druetzler, who is ending his 32-year run as mayor at year’s end.
“My preference is that they stay here, but obviously they’re not. We’re going to miss them,” Druetzler said of Honeywell. …
… Some Republicans, though, were blaming Murphy and the Democratic-controlled N.J. Legislature.
Assemblywoman BettyLou DeCroce, R-26th District, said Honeywell’s decision “should be a wake-up call to residents.”
“It is clear that Democrats do not have the ability to understand what their tax policies are doing to New Jersey,” said DeCroce, whose district includes Morris Plains. …
… The company was based a few miles away in Morris Township when, in 2010, it announced it was considering leaving the state.
Christie and state lawmakers developed an incentive plan to keep Honeywell. The company purchased the Morris Plains site, which previously was owned by Johnson & Johnson, in 2013.
