Holtec International Fined $5 Million in Tax Incentive Fraud Case

The energy company will forgo $1 million in combined tax incentives and pay a fine to avoid criminal prosecution.

Holtec International, a New Jersey-based energy company, will pay a $5 million fine to avoid criminal prosecution over a scheme to cheat a state tax incentive program.
The case originates from an application by Holtec in 2018 to the Angel Investor Tax Break Program, which awards credits to companies that invest in emerging technology.
Holtec and a real estate company owned by its CEO, Kris Singh, fraudulently filed for two $500,000 tax breaks, even though the real estate company had no role in the investment.
The agreement announced by New Jersey Attorney General Matthew Platkin addresses a far more limited $1 million in combined tax incentives, which Holtec will now forgo.
Holtec has been a key target in the Murphy administration’s ongoing efforts to rein in and investigate tax breaks instituted during the Christie years.