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Christie signs bill offering Amazon tax credits

Christie signs bill offering Amazon tax credits

Chris Christie on Thursday signed bipartisan legislation authorizing $5 billion in tax credits to lure Amazon to Newark, the city Christie's administration designated as the state's selection for the retail giant's would-be headquarters.

Democratic Gov. -elect Phil Murphy, who takes office next week, says he supports Amazon coming to New Jersey but did not explicitly back the tax credit legislation.

A now working its way through New Jersey legislature is promising a $3 billion tax break to Amazon if the online retail giant brings at least 30,000 jobs to the 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", Christie said in a statement January 11.

Stock Brushing a Recent High: Approach Resources, Inc. (NASDAQ:AREX)
Finally, Balyasny Asset Management LLC acquired a new stake in Approach Resources in the 2nd quarter valued at $910,000. The Company's business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas.

Grow New Jersey told NJBIZ the EDA incentives would be given to any city or region that wins the HQ2 bid. Unlike New Jersey, most states haven't disclosed details of the proposals.

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.

Last September, Amazon announced plans to open a new office center in Manhattan which NY officials said would create 2,000 finance, sales, marketing and information technology positions.

Earlier this week, both houses of the New Jersey Legislature passed legislation approving $10,000 in tax credits for Amazon for each full-time job created at a New Jersey corporate headquarters.


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