JPMorgan could move 2,000 jobs to Jersey City

Financial giant JPMorgan Chase may be moving to New Jersey. On Thursday, the New Jersey Economic Development Authority voted to offer JPMorgan Chase nearly $188 million in tax credits to move more

News 12 Staff

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Jul 10, 2015, 3:38 AM

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Updated 3,401 days ago

Financial giant JPMorgan Chase may be moving to New Jersey.

On Thursday, the New Jersey Economic Development Authority voted to offer JPMorgan Chase nearly $188 million in tax credits to move more than 2,000 jobs to Jersey City from New York.

Jersey City Mayor Steven Fulop says this would bring a great economic boost to his city.

"Anytime jobs are moving here, it's good for Jersey City," Fulop says.

In the past two years, New Jersey has doled out $2.5 billion in tax credits as part of a pro-growth initiative of Gov. Chris Christie.

However, watchdog group New Jersey Policy Perspective believes the state has gone overboard.

"We don't think it's worth it. Because oftentimes you see these tax breaks subsidizing behavior that was already going to happen," says Jon Whiten, of the watchdog group.

JPMorgan Chase received tax credits before, in 2014, when it agreed to bring 1,000 jobs to Jersey City. This is in addition to the deal that was offered Thursday.

The company said it was considering moving jobs to Delaware or Ohio without an incentive package. The company did not return News 12 New Jersey's calls for comment.