JPMorgan approved for $188 million to relocate jobs to New Jersey
Once again, JPMorgan has won corporate tax subsidies to relocate over 2,000 technology operations jobs across the Hudson River. The New Jersey Economic Development Authority approved over $188 million in tax credits for the company, the second round of such credits JPMorgan has received from the state in the past two years. In 2014, JPMorgan received a $224 million tax credit for exapnsion in Jersey City.
New Jersey Policy Perspective is critical of the expanded use of these tax credits under the Christie administration and warns of their hidden cost on New Jersey's budget. “These subsidies aren’t just getting bigger, they’re becoming even better deals for corporations, which have to do less than ever to receive massive breaks,” said Jon Whiten, deputy director of New Jersey Policy Perspective.
More than $6 billion in subsidies have been awarded to private corporations under Gov. Chris Christie.
NJ Advance, JPMorgan awarded $188M N.J. tax break to move to Jersey City, July 9, 2015
The Wall Street Journal, J.P. Morgan Chase Seeks to Move 2,150 Jobs From NYC to Jersey City, July 8, 2015
The Jersey Journal, JPMorgan Chase seeking $18.8M tax break to move jobs to Jersey City, report says, July 8, 2015
Some see the new round of subsidies from New Jersey as increasing pressure on New York City to retain its financial sector jobs.
Crain's New York Business, New pressure on city as Wall Street jobs sail away, July 8, 2015
Partnership for New York City Report: AT RISK: New York’s Future as the World Financial Capital
GJNY takes a close look at the proposed subsidy package--worth nearly $130 million--for Fresh Direct to relocate to the South Bronx. In early 2012, Fresh Direct started a bidding war between New York City and New Jersey officials when it threatened to leave its current home in Long Island City, Queens. Learn more about the subsidies, job promises and the efforts of residents to block the on-line grocery retailer's move to their waterfront.
Good Jobs New York's analysis and recommendations regarding federal state and local resources used in the post-Hurricane Sandy rebuilding.
Our database contains information on thousands of companies that received economic development subsidies in New York City.
Learn about major corporate giveaways to the financial industry, sports facilities and retail developments in New York City.