Judge Thomas Ambro of the U.S. Court of Appeals for the Third Circuit. Courtesy photo
The U.S. Court of Appeals for the Third Circuit has ruled that $56 million in cash grants that a company received from New Jersey’s Economic Development Authority to relocate from New York are taxable income.
With state economic incentive programs for businesses already undergoing scrutiny in Trenton, the ruling imposing taxes on benefits is a further complication for lawyers advising participants in such programs.
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