July 13, 2023 — New Jersey Gov. Phil Murphy is being criticized for doling out generous tax breaks to a Danish-based energy firm seeking to develop offshore wind.
Murphy signed an agreement last Thursday with Ørsted Wind, a Danish firm, granting the company a tax break on one of two energy projects it is developing off the New Jersey coast.
Under the plan, Orsted will be allowed to keep federal tax credits that were supposed to be passed to New Jersey utility ratepayers to offset the potential for higher electricity rates.
Democrats who approved the legislation last week argued the tax relief was needed to help the company deal with inflation and the lingering impact of the COVID-19 pandemic.