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Bergen County executive candidate Tedesco calls for tax breaks, credits to draw businesses to county

Wednesday, July 9, 2014   (0 Comments)
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Bergen County executive candidate Tedesco calls for tax breaks, credits to draw businesses to county
Northjersey.com (07/09/14)

Bergen County Freeholder and Democratic county executive candidate James Tedesco Monday called for using tax breaks and credits to attract and keep more businesses in Bergen County. “Economic development will remain at the heart of my governmental strategy,” Tedesco said while unveiling a set of economic development proposals during a press conference at Plaza 35, a mall in Paramus. So far, much of that debate has centered on property taxes and the freeholders’ proposed 2014 county budget. Tedesco shifted that debate by offering proposals such as: creating a task force composed of business leaders, investors, lenders, labor officials and community leaders to regularly discuss initiatives to attract and retain businesses, doubling the staff of the Economic Development Corporation from three employees to six with specific objectives, providing tax abatements to companies that move into the county.

If a municipality did not support a break on local taxes, Tedesco said he would favor abatements on the county’s share of the tax bill provided the company agreed to stay for 20 years. If they left earlier than 20 years, they would have to repay the abatements, creating tax credits for companies that have been in the county at least 20 years provided they commit to staying in the county for another 20 years and make upgrades to improve their energy efficiency. Tedesco also said he would focus more on attracting health care firms to fill empty commercial office space in the county and focus less on the county as a tourism destination.


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