NJ's 'Flawed' Paperwork Stalled $260M Tax Break, Court Told

By Jeannie O'Sullivan (November 8, 2021, 6:19 PM EST) -- Holtec International urged a New Jersey court Monday to restore a $260 million tax break that was torpedoed because of what state officials called misrepresentations from the energy equipment supplier, arguing that an ambiguously worded application is to blame.  

During an oral motion for summary judgment on Holtec's breach-of-contract complaint, company attorney Michael P. O'Mullan of Riker Danzig Scherer Hyland & Perretti LLP said the New Jersey Economic Development Authority's "flawed" application language had sabotaged Holtec's tax credits — $26 million annually for 10 years — meant to spur investment in the blighted city of Camden.

Holtec claims that the poor wording in...

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