Subsidy Tracker Individual Entry

Company: 
Subaru of America, Inc.
Parent Company: 
Subaru Corporation
Subsidy Source: 
state
Location: 
New Jersey
City: 
Camden
County: 
Camden
Project Description: 

HQ retention and relocation

Year: 
2014
Major Industry of Parent: 
motor vehicles
Specific Industry of Parent: 
automobiles; aerospace & military contracting
Subsidy Value: 
$117,832,868
Program Name: 
Grow New Jersey Assistance Program
Awarding Agency: 
New Jersey Economic Development Authority
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
600
Wage Data: 
$87,500
Wage Data Type: 
median wages
Capital Investment: 
$117,832,868
Source of Data: 

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.

Notes: 

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.

Source Notes: 
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