Amazon HQ2 Eligible for $7 Billion in New Jersey Tax Incentives

Local governments won't say what they're offering Amazon

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Gov. Chris Christie on Thursday signed the legislation that would allow for Amazon to receive up to $5 billion in state incentives were it to develop its second headquarters in New Jersey.

Democratic Gov. -elect Phil Murphy, who takes office next week, says he supports Amazon coming to New Jersey but did not explicitly back the tax credit legislation. On top of the $5 billion in tax incentives, which the new law offers through the state's Economic Development Authority, the city of Newark would also offer a property tax abatement worth $1 billion and a city wage tax waiver worth about $1 billion to future Amazon employees.

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In October, Christie joined with Newark Mayor Ras Baraka and Cory Booker to announce a plan that they hope would incentivize Amazon to pick New Jersey, and Newark in particular, as the location for their HQ2.

"Today's bipartisan action proves that nobody in any other state wants Amazon's HQ2 more than New Jersey and the City of Newark", Christie said in a statement January 11. Georgia, for example, said it might hold a special legislative session to enact incentives to woo the retail behemoth to Atlanta.

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Last September, Amazon announced plans to open a new office center in Manhattan which NY officials said would create 2,000 finance, sales, marketing and information technology positions.

The city itself is promising another $2 billion in tax breaks in exchange for what Amazon promises to be a headquarters creating 50,000 jobs.

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Under the bill Amazon would have to create at least 30,000 full-time jobs to get the tax credits, worth up to $10,000 per job.

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