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New Jersey gave companies credit for millions in ‘phantom’ property taxes to qualify for incentives

Amid the ongoing controversy over the state’s economic development programs, the so-called “phantom tax” has come under scrutiny from policy experts and a special task force appointed by Gov. Phil Murphy.

The outside of the Holtec International facility in Camden. Holtec was credited with $4.8 million dollars in annual phantom property taxes, which appears to have helped the company win $260 million in economic development incentives from New Jersey.
The outside of the Holtec International facility in Camden. Holtec was credited with $4.8 million dollars in annual phantom property taxes, which appears to have helped the company win $260 million in economic development incentives from New Jersey.Read moreTYGER WILLIAMS / Staff Photographer