A business connected to George Norcross III, a prominent New Jersey Democrat, has been fined $5 million following a criminal investigation into tax breaks awarded to Holtec International, an energy company where Norcross sits on the board. The penalty allows Holtec officials to avoid criminal prosecution for misleading the state in a 2018 tax credit application worth $1 million.
Norcross, known for his influence in New Jersey politics, has never held an elected office but wields significant power in the state. The attorney general’s office emphasized that those who deceive the state for financial gain will be held accountable. Holtec denied any wrongdoing, stating the dispute was unfortunate and that they are focusing on their clean energy work in New Jersey.
The agreement requires Holtec and another company tied to Holtec’s founder to pay for an independent monitor for future government benefits applications. The tax breaks awarded to Holtec were part of a $7 billion package intended to attract businesses to New Jersey. The penalty stems from inaccurate information provided by Holtec in their 2018 application, resulting in a larger tax break than deserved.
Holtec is involved in decommissioning nuclear plants across the country, including Indian Point in New York and Oyster Creek Generating Station in New Jersey. Governor Phil Murphy, who previously criticized tax incentives under the previous administration, approved an even larger corporate tax break package of $14 billion ahead of his re-election campaign.
The $5 million fine marks a significant development for critics of the South Jersey Democratic machine, signaling that no one is above the law. The relationship between Governor Murphy and Norcross has raised questions about political influence and favoritism within the state.
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