JERSEY CITY, NJ—JPMorgan Chase could bring an additional 2,100 jobs to Jersey City if the New Jersey Economic Development Authority's board approves nearly $19 million worth of tax incentives for the financial services firm at its meeting Thursday.
The Wall Street Journal reports that JPMorgan could move 2,150 information technology jobs to Jersey City if the incentives are approved. Last year, NJEDA provided a round of incentives to the bank that the agency says created 1,000 jobs and retained more than 2,600.
An NJEDA spokesperson declined to comment on the news reports about the JPMorgan Chase jobs.
However, the board's agenda for its July 9 meeting indicates that one item is the approval of Grow New Jersey incentives for JPMorgan “to encourage the applicant to make a capital investment and locate in Jersey City, NJ.”
The agenda item indicates that “the project is eligible, pursuant to the statute, for bonus increases to the tax credit award for Transit Oriented Development, Jobs with Salary in Excess of County Average, Large Number of New Full-Time Jobs, and Targeted Industry (Finance).” The NJEDA agenda also says the “estimated annual award is $18,778,100 for a 10-year term.”
You can read more of the Wall Street Journal report here.
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