Subsidy 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
Number of Jobs or Training Slots: 
1,000 new jobs; 2,600 retained jobs
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: http://www.njeda.com/web/pdf/eda/agenda_051614.pdf. Jobs and investment figures are taken from a May 16, 2014 New Jersey Economic Development Authority press release; available online at: http://www.njeda.com/web/Aspx_pg/Templates/Press_Rls.aspx?topid=721&Doc_.... 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: 
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