Banking Giant Approved For $188 Million Tax Break In Hudson County

On Thursday, New Jersey’s Economic Development Authority (NJEDA) voted to approve a 10-year, $188 million tax break for JP Morgan Chase if the company agrees to move more than 2,000 banking jobs from New York to Jersey City.

The banking giant must still approve the tax breaks before they take effect.

According to a NJEDA analysis, the tax incentives were necessary to entice the company to New Jersey, since the state is a “more expensive option” in relation to alternative sites in Delaware and Ohio.

The NJEDA awarded a separate, $225 million tax break to JP Morgan Chase in 2014, in exchange for creating and retaining over 3,500 jobs in Jersey City.

Altogether, the NJEDA has awarded more than $6 billion in subsidies under the tenure of Gov. Chris Christie, NJ.com reported.

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