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:
If an online information source is not working, check the Tracker inventory page for an updated link.
