JPMorgan approved for $188 million to relocate jobs to New Jersey

Thursday, July 16, 2015

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