Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Energy Company Is Owed $26 Million New Jersey Tax Credit

Jan. 4, 2022, 11:04 PM

Energy equipment maker Holtec International didn’t misrepresent information on its application for $260 million in tax incentives and is owed $26 million for the 2018 tax period, a New Jersey trial court judge said.

Mercer County Superior Court Judge Robert Lougy said Dec. 30 the New Jersey Economic Development Authority was at fault for ambiguities in its tax credit application and its own failure to research the company or ask for more information. The judge rejected arguments from the authority that Holtec breached its contract by not disclosing it had been debarred for 10 days by the Tennessee Valley ...