ANNOUNCEMENT 16 May 2014In May 2014, a US state government announced a targeted tax change.
NUMBER OF INTERVENTIONS
Main data from Good Jobs First at http://www.goodjobsfirst.org/sites/default/files/docs/Megadeals_February2015.xlsx.
New Jersey Economic Development Authority Agenda, May 16, 2014; available online at: http://www.njeda.com/web/pdf/eda/agenda_051614.pdf. Jobs and investment are taken from a May 16, 2014 New Jersey Economic Development Authority press release; available online at: http://www.njeda.com/web/Aspx_pg/Templates/Press_Rls.aspx?topid=721&Doc_Id=2308&ParentDocID=163.
Terrance McDonald, "Welcome: Here"s your tax break," Jersey Journal (May 19, 2014)
In 2014 in order to retain JP Morgan Chase the New Jersey state legislature granted to the firm $22,483,500 in tax credits per year for 10 years. JP Morgan Chase qualified as a "mega project" and was eligible for an award of $5,000 per employee, plus bonuses.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.