N.J. weighs $100M tax break for Lockheed to locate in Camden

Lockheed Martin is in line to receive a $100 million state tax break to expand its role in Camden County.

The New Jersey Economic Development Authority is to vote Tuesday on whether to award $100.7 million in tax credits over 10 years to the defense contractor to operate in the city of Camden.

Lockheed Martin has local headquarters in Moorestown and an advanced-technology laboratory in Cherry Hill.

The EDA would not release any project details until the start of Tuesday's 10 a.m. meeting, which is to be held in Trenton.

The credit is available through the Grow New Jersey Assistance Grant and in the case of Lockheed Martin would likely fall under the category of a "Mega Project." Mega projects require companies to make a capital investment of at least $20 million and create or retain 250 jobs at the project location in order to continue receiving the annual tax incentive.

Keith Little, public relations manager for Lockheed Martin, also would not release details, saying in an e-mail only that "we're committed to maintaining a strong presence in New Jersey and look forward to continuing our work with the EDA."

Lockheed is the third major company being lured to Camden by the tax incentives. This summer, energy company Holtec International was awarded a $260 million tax break. The Philadelphia 76ers will build a practice facility with the help of $82 million in tax incentives, also awarded this year.

The EDA will also vote on whether to award $10.8 million in tax breaks to lighting firm, Princeton Tectonics, in Pennsauken; nearly $10 million to CareKinesis Inc. of Moorestown, and $2 million to Material Handling Supply Inc. of Pennsauken.

Source: Philly.com