New Jersey approves $158M in future tax breaks for Subaru, hospital moving offices to Camden

Government And Institutions Associated Press

The New Jersey Economic Development has approved $158 million in future tax breaks for Subaru to move its U.S. headquarters to Camden and Cooper Health System to move its business office back to the city.

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The grants are the latest in a rush into a city that has long been among the most impoverished in the country.

Under a 2013 law to encourage job growth, the state offered extra incentives for companies willing to move there.

Both Subaru and Cooper said they were considering moving to Philadelphia.

Subaru is to get $118 million in breaks and Cooper $40 million. The credits are to be spread over 10 years and do not kick in until the firms invest in Camden and move the promised jobs there.