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 ...