Mercedes has announced that it will move its headquarters from New Jersey to Georgia, citing high business and personal income taxes as a major contributor to its financial woes.
"New Jersey has been a wonderful home to our U.S. operations for our first 50 years, and still is today," Mercedes-Benz USA President and chief executive Stephen Cannon said, according to the New York Times.
"The state has worked tirelessly with us as we evaluated our options. Ultimately, though, it became apparent that to achieve the sustained, profitable growth and efficiencies we require for the decades ahead, our headquarters would have to be located elsewhere. That brought us to Atlanta."
Despite attempts made by New Jersey politicians to advocate for lower operational expenses, Mercedes officials have declined offers intended to incentive the company to stay within the state.
New Jersey Governor Chris Christie (R) and Assemblywoman Holly Schepisi (R-39) are said to have communicated with the company and have both cited high state taxes and expenses as the primary reason for Mercedes' departure.
"Mercedes USA made one thing very clear about its decision to leave-the cost of doing business and the tax environment is just too high here to be competitive with a state like Georgia," Christie's spokesman Michael Drewniak said, according to the New York Times.
New Jersey's private sector has also been suffering on touristic fronts: late last year several casinos in the Atlantic City region of the state declared financial hardship and have attempted to appeal to investors for acquisition. Trump Entertainment Resorts-owned Taj Mahal is the most notable and recent example.
Mercedes has not announced specific plans for operational endeavors in Georgia.
