Honeywell says it will keep headquarters in NJ as governor works to expand business grants
By APThursday, July 29, 2010
Honeywell exec says firm will stay in New Jersey
MORRISTOWN, N.J. — Honeywell International’s chief executive says the technology and manufacturing company will keep its headquarters in New Jersey despite an offer to move.
Honeywell Chairman and CEO Dave Cote said Thursday that he was persuaded to stay after getting assurances from Gov. Chris Christie that his administration will work with the Legislature to expand a tax credit program aimed at retaining companies.
The Republican governor said he will propose expanding the state’s Business Retention and Relocation Assistance Grant program.
The program allows New Jersey businesses with definite offers to leave the state the opportunity to qualify for a grant of up to $1,500 per job retained. It’s payable as a one-year credit against a company’s corporate tax liability.
