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Task force: New Jersey ‘essentially paid for’ 76ers fee

Posted: 7:43 PM, Oct 17, 2019
Updated: 2019-10-17 19:43:11-04

TRENTON, N.J.  — A New Jersey task force probing business tax credits says the Philadelphia 76ers essentially deprived the public of tax revenue when the team included administrative fees in its application for $80 million in tax breaks.

Task force attorney Jim Walden said Thursday the public “essentially paid for” the roughly $400,000 fee imposed by the Economic Development Authority when it approved the credits in 2014.

The 76ers said in a statement they were “fully transparent” in their application and that the state and an independent accounting firm vetted the application.

The team moved its practice facility across the Delaware River to Camden after the credits were awarded.

Walden says he wasn’t suggesting wrongdoing.

The development came during the task force’s fourth hearing. Earlier state audits questioned how the awards were administered.