New Jersey giving $109.2 million tax break to financial tech company

(The Center Square) – New Jersey is giving financial technology company Fiserv a $109.2 million tax credit over seven years.

The company plans to spend more than $105 million to expand its footprint in Union County. The company intends to bring 3,000 jobs – 1,927 new jobs and 1,063 existing jobs state officials said were at risk of leaving the state – together in a new 428,000-square-foot Berkeley Heights office space.

The New Jersey Economic Development Authority Board approved the tax break as part of the Emerge Program. The program is part of the New Jersey Economic Recovery Act of 2020 (ERA), a series of tax incentives Gov. Phil Murphy, a Democrat, signed into law earlier this year.

“The Fiserv project is a game-changing investment that will create thousands of good job opportunities and reactivate a vacant industrial property,” NJEDA Chief Executive Officer Tim Sullivan said in an announcement. “This is the kind of project we should be incentivizing in New Jersey, and a major step forward that will drive equitable growth for years to come.”

Fiserv plans to make the New Jersey location a “flagship strategic technology hub.” Under the Emerge Program, companies do not receive tax credits until the project is completed and the NJEDA certifies it.

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