New York Times: Tax Break Scandal Leads to $5 Million Fine for N.J. Energy Company

A business tied to George Norcross III, a high-profile New Jersey Democrat, has agreed to pay a $5 million penalty after a criminal investigation into hundreds of millions of dollars in tax breaks that the energy company, Holtec International, was awarded.

| January 30, 2024

The fine, announced early Tuesday by the state attorney general’s office, enables officials from Holtec, a company based in Camden, N.J., that dismantles nuclear power sites, to avoid criminal prosecution linked to a 2018 application for $1 million in tax credits.

Mr. Norcross, an insurance executive who sits on the board of Holtec, has for decades held an outsize grip on New Jersey politics and has used his clout in the national Democratic Party and in Camden County, as well as his fund-raising ability, to influence state legislation. Mr. Norcross has never held elected office, and his power has waned over the last several years after a series of embarrassing legislative losses in South Jersey.

Still, he has remained one of the state’s most feared unelected politicians.

“We are sending a clear message: No matter how big and powerful you are, if you lie to the state for financial gain, we will hold you accountable — period,” Matthew J. Platkin, New Jersey’s attorney general, said in a statement.

Holtec, in a statement, denied “any misconduct.”

Controversial Camden-based nuclear parts maker to pay $5M fine


Scroll to top