ANNOUNCEMENT 09 Jul 2015In July 2015, a US state government announced a targeted tax change.
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'JPMorgan Chase Bank was awarded $188 million in tax subsidies to move to Jersey City' NJ.com (July 9, 2015), at http://www.nj.com/politics/index.ssf/2015/07/jpmorgan_awarded_188_million_nj_tax_break_to_move.html.
New Jersey's Economic Development Authority (EDA) approved a plan on July 9, 2015 by which the financial firm JPMorgan Chase Bank will receive $188 million in tax credits over 10 years to move more than 2,000 jobs from New York to Jersey City. The EDA estimated that the project, which includes a $68 million capital investment, will generate $665.5 million for the state over 20 years.
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.