Gov. Chris Christie signed a bill authorizing at least $5 billion in tax incentives, of about $7 billion being offered to Amazon, to entice the tech giant to choose New Jersey for its HQ2 location.
The state endorsed Newark in October as the prime location for Amazon.
The bill establishes an undefined amount of tax incentives for a company willing to create at least 30,000 new jobs in the state and invest at least $3 billion in a new headquarters.
Amazon, in its request for proposals, promises $5 billion in investment and 50,000 new jobs.
“Today’s bipartisan action proves that nobody in any other state wants Amazon’s HQ2 more than New Jersey and the city of Newark, and there is nowhere better for this tremendously innovative job creator to grow and thrive,” Christie said.
“It shows we deliver on our promises, and Amazon’s leaders have to be thrilled about this premier opportunity to drive Newark’s technology boom and benefit from all that this diverse city has to offer, including its central location in the largest economic region, a phenomenal regional and global transportation network, a top-notch workforce and America’s fastest Internet. Amazon’s HQ2 in New Jersey means thousands of six-figure jobs for residents, as well as consumer and revenue growth for area businesses and vendors.”
When the state announced its endorsement, it included $5 billion in tax incentives over 20 years through the Economic Development Authority, plus $1 billion in city tax abatements and a city wage tax waiver that would allow Amazon HQ 2 employees to keep $1 billion over 20 years.