Murphy Approves NJ Tax Break for NHL’s Devils Arena Renovations

Phil Murphy, as one of his final actions as New Jersey’s governor, increased the size of the state’s economic development programs on Tuesday, including a new $300 million tax break for the Prudential Center in Newark.

Murphy (D), whose term ended Tuesday, signed a bill raising the maximum amount of tax credits that can be awarded under the state’s Aspire and Emerge tax incentive programs, from $11.5 billion to $14 billion through 2029. The newly-enacted legislation also creates $300 million in tax credits toward renovations at the home arena of the NHL’s Devils, so long as the the project meets ...