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: 
MEGADEAL
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: 
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