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MegadealsSubsidy Tracker Individual Entry
Company: JP Morgan Chase Bank
Parent Company:
JPMorgan Chase
Subsidy Source: state
Location: New Jersey
City: Jersey City
County: Hudson
Project Description: retention and expansion of the bank's operations hub
Year: 2014
Major Industry of Parent: financial services
Specific Industry of Parent: banking & securities
Subsidy Value: $224,835,000
Program Name: Grow New Jersey Assistance Program
Awarding Agency: New Jersey Economic Development Authority
Type of Subsidy:
MEGADEAL
Capital Investment: $76,000,000
Source of Data: The value of the subsidy package is taken from New Jersey Economic Development Authority Agenda, May 16, 2014; available online at:
(click here). Jobs and investment figures are taken from a May 16, 2014 New Jersey Economic Development Authority press release; available online at:
(click here). See also: Terrance McDonald, "Welcome: Here's your tax break," Jersey Journal, May 19, 2014.
Notes: To retain JP Morgan Chase in New Jersey, the state awarded the company $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 employer, plus bonuses; the total value of this subsidy has not been reported and thus is not included in the total. Overlaps with main Subsidy Tracker data: a 2014 New Jersey Economic Development Authority entry for $224,835,000.
Source Notes: If an online information source is not working, check the Tracker
inventory page for an updated link.