As New Jersey Gov. Chris Christie tours New Hampshire, hoping to convince voters there to choose him as their preferred Republican, the New Jersey Economic Development Authority (NJEDA) is getting ready to offer a massive tax break to JPMorgan Chase to get the company to locate in Jersey City. The tax incentive is estimated to run at nearly $19 million per year for 10 years.
Adding that subsidy to other major projects financed during Christie’s time in the governor’s chair would surpass $6 billion in corporate tax subsidies this decade, according to the nonpartisan think tank the New Jersey Policy Perspective (NJPP). That’s a huge jump from the previous decade, when just $1.2 billion in tax subsidies were granted. All told, the NJEDA is considering $308 million in tax breaks Thursday morning.