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Subsidy Tracker Individual Entry

Company: Bear Stearns (now JPMorgan Chase)
Parent Company: JPMorgan Chase
Subsidy Source: multiple
Location: New York
County: New York
Project Description: securities company offices
Year: 1997
Major Industry of Parent: financial services
Specific Industry of Parent: banking & securities
Subsidy Value: $75,000,000
Program Name: sales tax exemptions
Awarding Agency: New York Economic Development Corporation
Type of Subsidy: 
Number of Jobs or Training Slots: 19,100
Source of Data: The subsidy value and job projections (retained and new) came from: Charles V. Bagli, "Pledge to Stay in City Wins Bear Stearns a Tax Break," New York Times, August 28, 1997.
Notes: Bear Stearns was given a $45 million sales tax exemption on equipment for retaining 5,800 jobs and was made eligible for up to $30 million in additional exemptions if it created 13,300 new jobs over a period of 50 years. The main Subsidy Tracker data include an $18.4 million NYC Commercial Growth Property entry for 1999 as well as Industrial Development Agency entries for the years 2003-2010.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.