Gov. Chris Christie on Thursday signed the legislation that would allow for Amazon to receive up to $5 billion in state incentives were it to develop its second headquarters in New Jersey. The bill, coupled with the city of Newark’s HQ2 bid, would offer up to $7 billion in local and state incentives to the ecommerce giant.
“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 in a statement. “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.”
Newark’s HQ2 bid, which the governor announced he would back in October, breaks down as follows:
- A state tax incentive offered by the New Jersey Economic Development Authority that could reach up to $5 billion over 20 years for the creation of 50,000 jobs;
- A $1 billion property tax abatement from the city of Newark; and
- A $1 billion city wage tax waiver from the city of Newark over 20 years.
Amazon currently employs more than 15,000 people across 10 distribution centers in New Jersey.
Grow New Jersey told NJBIZ the EDA incentives would be given to any city or region that wins the HQ2 bid.
