Tax Scandal Leads to $5 Million Fine for NJ Energy Company

A company linked to George Norcross III, a high-profile New Jersey Democrat, has agreed to pay a $5 million fine following a criminal investigation into hundreds of millions of dollars in tax breaks received by energy company Holtec International.

The fine, announced early Tuesday by the attorney general's office, allows officials at Holtec, a company based in Camden, N.J., that dismantles nuclear power plants, to pursue criminal charges related to a false 2018 application for $1 million to defer tax credits.

Mr. Norcross, an insurance executive, sits on the board of Holtec. His spokesperson was not immediately available for comment. A lawyer who represented Holtec during the negotiations was also not immediately available.

“We are sending a clear message: No matter how big and powerful you are, if you lie to the state for financial gain, we will hold you accountable – period,” New Jersey Attorney General Matthew J. Platkin said in a statement . .

This is a current story and will be updated.