N.J.’s incentives to Mercedes couldn’t offset cost of doing business

North Jersey.com reports:

New Jersey “worked tirelessly” for months to persuade Mercedes-Benz USA to stay in Montvale, the car company said Tuesday, including several meetings and calls between Governor Christie and company CEO Stephen Cannon and a last-ditch offer three days ago.

The state wielded an arsenal of incentive programs that were revamped just over a year ago to enable New Jersey to award more generous tax breaks that would counter the high cost of doing business in the state.

Yet the state’s effort fell short, rebuffed by the reality that even the heavily fortified programs – which enabled New Jersey in 2014 to award about $2 billion in breaks – couldn’t negate the high cost of doing business in the state, and the lure of Atlanta, where the company said Tuesday it will move its headquarters.

Competition.