NORTH JERSEY — The American Dream Meadowlands project (formerly known as Xanadu) on Route 3 will be allowed to receive a $350 million tax break after the state legislature passed a bill Wednesday that makes the project eligible for incentives under the state’s Economic and Redevelopment Growth program.
The changes come after the state awarded a controversial $102.4 million tax break to help Secaucus-based Panasonic Corp. of North America move its headquarters just a few miles to a new building in Newark, a move which Secaucus and Hartz Mountain Industries fought.
Hartz and Secaucus both claimed the tax incentives offered to Panasonic were a misuse of the Urban Transit Hub Program.
The Urban Transit Hub Tax Credit program was modified in the bill, which outlines what a company can receive if moving within the state. In particular, a company can get a larger tax break if 500 or more jobs are at risk of leaving the state unless the state grants an incentive. A company can also get a larger tax break with an interstate move if it consolidates two facilities.