Panel says more diligence about tax credit awards needed

TRENTON, N.J. (AP) — A New Jersey task force probing business tax credits says authorities should have been more diligent before awarding $260 million in incentives to a firm that officials said gave false information on its award application.

The task force created by Democratic Gov. Phil Murphy faulted the Economic Development Authority during its third public hearing Tuesday.

Holtec International won $260 million in incentives in 2014, and said in its application that it hadn’t previously been barred from doing business. The task force earlier reported that the Tennessee Valley Authority barred Holtec for 60 days in 2010, and said the firm’s chief executive officer likely knew about the events leading to the debarment.

The development authority, which didn’t immediately return a message seeking comment, has suspended the credits.