The state of New Jersey (NJ) is looking to land Amazon.com, Inc.’s (NASDAQ:AMZN) new headquarters in Newark.
The e-commerce retailer’s HQ2 has received a great bid from NJ Gov. Chris Christie, offering the company up to $7 billion in tax incentives over the coming years.
Amazon would get $5 billion in tax incentives over the course of 10 years, as well as a local property tax break from the city of Newark that could save the company another $1 billion. The company is also offering to waive $1 billion in wage taxes for employees over 20 years.
Such a move would be great for the city of Newark as it could bring in 50,000 new jobs and a $5 billion investment, turning around some of NJ’s latest struggles. The Amazon HQ2 could bring in a $9 billion boost to the state’s economy.
Other states also made moves in an attempt to bring the Amazon HQ2 their way, including the Kansas City mayor, who reviewed 1,000 products on the e-commerce website personally.
The state of Georgia offered to name a city in honor of Amazon, while Michael Jordan personally a letter to CEO Jeff Bezos. Philadelphia is offering 10 years of tax abatement, but it’s unclear how much Amazon would gain in savings through this move as the city is still ironing out those details.
AMZN stock is up a fraction of a percentage Tuesday.
