Teva to Receive $15 Million Tax Credit for Building Research Facility in New Jersey

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Teva to Receive $15 Million Tax Credit for Building Research Facility in New Jersey

By Frank L. Brunetti

The Israeli pharmaceutical company Teva is currently weighing the decision to build a large research facility in New Jersey or Pennsylvania, and the former is willing to

sweeten the deal by offering a significant tax credit to the drug maker.

New Jersey has agreed to provide Teva with a $15 million tax credit if signs a contract to build the projected $73 million facility in Florham Park, New Jersey and create 215 jobs in the state, according to the New Jersey Star-Ledger. The job openings would supplement the 300 employees who are currently working in New Jersey at Teva, which is the country’s largest manufacturer of generic medications.

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Frank Brunetti, Scarinci Hollenbeck | Attorney Advertising

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