Moving can be a real hassle. You have to rifle and sort through everything you own. Get boxes, packaging tape, bubble wrap, and all that. You have to make sure that you wrap your fragile and delicate heirlooms with the utmost attention to detail to ensure that they don’t break during the move.
After all of that, you have to find or rent a truck and haul your belongings across the city, state, or country. Oh, and once you get everything to your new place, you have go through the hassle of unpacking everything you just packed up days before. It almost seems like more trouble than it's worth, but what if someone told you that moving four miles could save you 118 million dollars?
That's exactly what Subaru has discovered. By moving their U.S. headquarters from Cherry Hill, New Jersey, to Camden, just four miles away, Subaru will save $118 million in tax breaks.
Camden, New Jersey has faced poverty and high unemployment in recent years, and earlier this year, the city was awarded $500 million in future business tax credits by the state of NJ. The tax breaks offered by Camden are intended to lure big businesses, which in turn should increase job opportunities in the city. Many businesses have leapt at the opportunity, and Subaru is the latest to do so.
The $118 million in tax breaks that Subaru will receive over the next ten years works out to be the same amount as the cost of the new headquarters. Which means that Subaru gets a brand spanking new facility, basically for free.
The move is poised to take place in about two years. Cherry Hill, where the current U.S. Subaru headquarters is located, isn’t very enthusiastic about the move, but they’re trying to keep their heads up. A spokeswoman for Cherry Hill said, "if it's good for Camden, it's good for Cherry Hill."
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