ANNOUNCEMENT 09 Jul 2015

In July 2015, a US state government announced a targeted tax change.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



'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.


Inception date: 09 Jul 2015 | Removal date: open ended
Still in force

Tax or social insurance relief

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.

AFFECTED SECTORS

 

AFFECTED PRODUCTS

 
N/A