$42 Million in New Tax Breaks Given to Entice Companies to Bell Works

Holmdel, NJ - On Tuesday, the New Jersey Economic Development Authority (EDA) awarded major tax credits to two new companies in hopes of jumpstarting development at Holmdel's former Bell Labs headquarters.

These two new tax credits come after WorkWave LLC, Bell Works' first major commercial tenant, was granted a $15.7 million tax break from the state in return for moving there. WorkWave is expected to create 247 new jobs and retain 154 jobs that were at-risk of leaving New Jersey, the EDA says.

iCIMS, Inc., a software services company that currently operates in two locations out of Matawan, was approved for a 10-year, $38 million tax credit by the state. Under the conditions of accepting the tax credit, iCIMS would move its operations into Bell Works.

The company has been considering either consolidating its two existing locations into one at Bell Works or — relocating to Arizona. 

According to an EDA spokesperson, keeping iCIMS in the state would not only keep 552 jobs in New Jersey, it would also mean 390 new jobs would be created at the Holmdel location.

The state also approved on Tuesday a 10-year, $4 million tax credit to Manhattan Telecommunication Corporation, if the company moves into Bell Works. The firm is also currently weighing a move to Utah.

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