Trenton, NJ – Governor Chris Christie today signed bipartisan legislation authorizing billions of dollars in state tax incentives to draw Amazon’s second headquarters, known as HQ2, along with 30,000 to 50,000 new jobs, to New Jersey. Governor Christie has urged Amazon to consider Newark as the ideal location, and the new law A-5340/S-3631 (Prieto, Bramnick, Pintor Marin/Lesniak, Thompson) will produce the majority of $7 billion being offered in State and city tax credits to Amazon’s HQ2 to locate in the Garden State.
“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,” Governor 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.”
In October, the Governor joined U.S. Senator Cory Booker and Newark Mayor Ras Baraka to announce Newark as the best applicant in Amazon’s ongoing selection process. A breakdown of the total offering to Amazon is as follows:
- A merit-based state tax incentive through the state Economic Development Authority (EDA) that could reach $5 billion over 20 years, with the creation of 50,000 new jobs;
- A City property tax abatement that could be worth $1 billion; and
- A City wage tax waiver that would allow Amazon HQ2 employees to keep an estimated $1 billion of their hard-earned money over 20 years.
Amazon now employs about 13,000 people in New Jersey, including at its strategically located and thriving fulfillment centers that have opened during the Christie administration.
EDA initiatives have worked to help transform Newark into an attractive location for businesses investment, development, and growth. Since 2010, nearly 40 projects with EDA support are associated with more than $2.2 billion in private investment, the creation of 5,000 new jobs, 11,000 construction jobs and the retention of nearly 2,000 jobs at risk of leaving New Jersey.