JPMorgan Chase is looking to lower its overhead by shifting more than 2,100 jobs from New York City to New Jersey.
According to news reports, the country's largest bank has applied with the New Jersey Economic Development Authority for an $18.8 million tax break over 10 years that, if approved, would help cover the cost of moving the jobs across the Hudson River to Jersey City. The NJEDA board is expected to consider the request at a meeting Thursday, The Wall Street Journal reported Tuesday.
The tax credits would come through the Grow New Jersey Assistance Program, an economic development initiative aimed at encouraging companies to create or keep jobs in New Jersey. Representatives from Gov. Chris Christie's administration have been involved in the discussions with the bank for month, the Journal reported.
JPMorgan Chase could not comment on the tax credit application or its plans in Jersey City pending the board's vote. But a person familiar with the matter told American Banker that approval from the board would allow the bank to consolidate information technology positions now housed in various locations in New York into a single location in Jersey City.
This is not JPMorgan's first go at tax credits in New Jersey. Last year, the bank received approval from the NJEDA board for $225 million in tax credits to help support the creation of 1,000 jobs in Jersey City and keep another 2,612 employees there.
The bank also previously dropped plans for a new headquarters in New York City, The Wall Street Journal reported, after Mayor Bill de Blasio shot down a request for tax breaks.