Subsidy Tracker Individual Entry
HQ retention and relocation
The value of the tax credits, the investment and jobs numbers, as well as wage data, were taken from the agenda for the board meeting of the New Jersey Economic Development Authority on December 9, 2014; available online at: http://www.njeda.com/web/Aspx_pg/Templates/Pic_Text.aspx?Doc_Id=419&menu.... The deal was was approved on that day. The information on the local property tax abatements was taken from: Jim Walsh, "Subaru in for break on local taxes, too," Courier-Post, December 15, 2014.
To retain Subaru in New Jersey, the New Jersey's Economic Development Authority awarded the company $118 million in tax credits over 10 years. The company is also eligible for local property tax abatements (the offices will be taxed as a vacant land for 10 year) under Garden State Growth Zones program (the amount was not reported and is not included in the total). Subaru will move its offices from two locations in Cherry Hill and one in Pennsauken, NJ to Camden late 2016. Jobs data includes 500 retained jobs and 100 new jobs. Investment data is estimated eligible capital investment made by the company. Overlaps with main Subsidy Tracker data: a 2014 Grow New Jersey Assistance Program entry for Subaru of America, Inc. for $117,832,868.