“Given the tax credits available to users at the site are scheduled to sunset mid next year, as well as other factors,” said Hankowsky, the company needed to write down the $80 million project by almost a third of its investment.
Last week, a study on those tax incentive programs by the Rutgers University Bloustein School of Planning and Public Policy recommended that the state take another look at how those incentives are awarded. Gov. Phil Murphy also signed an executive order in January calling for the Office of the State Comptroller to carry out a complete audit of the tax incentive programs, expected to be completed later this year.