Allergan Plans to Expand in New Jersey
The EDA offered Allergan tax credits in order to encourage the company to remain in the state.
On August 9, 2016, the Board of the New Jersey Economic Development Authority (EDA) approved Grow New Jersey (Grow NJ) tax credits in order to encourage Allergan to remain in NJ. The EDA is also encouraging Allergan to combine its four existing company locations into a 431,495-square-foot facility in Madison, NJ.
The Board approved Allergan for Grow NJ tax credits of up to $58.2 million over 10 years based on the expected creation of 300 new, high-paying jobs, the retention of more than 1000 jobs at risk of leaving the state for Pennsylvania, and private investment of more than $103 million. The project is expected to result in a net benefit to the state of more than $384 million over 20 years.
Allergan subsidiaries Watson Pharmaceuticals, in Parsippany, and Forest Laboratories, in Jersey City, have existing projects approved under the Business Employment Incentive Program. Those grants will be required to be withdrawn in order for Allergan to qualify for the Madison Grow NJ project, forfeiting more than $15.2 million in future payments.
Source: NJ EDA
