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Newark to offer $1B in tax breaks to land Amazon’s HQ2

Proposal is part of $7B package

From left: Broad Street in Newark, Ras Baraka, and Jeff Bezos (Credit: Wikipedia and Getty Images)
From left: Broad Street in Newark, Ras Baraka, and Jeff Bezos (Credit: Wikipedia and Getty Images)

New Jersey is upping the ante in its bid to lure Amazon.com’s second headquarters to the state’s largest city.

Newark is considering offering as much as $1 billion in tax breaks to any company that creates 30,000 jobs and invests $3 billion in the city over the next 20 years, Bloomberg reported. The proposal, which is expected to be voted on at Wednesday’s City Council meeting, is part of the $7 billion package the state is offering in hopes of landing Amazon’s $5 billion headquarters.

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If approved, the new payroll tax exemptions in Newark would apply to other companies, even if Amazon doesn’t ultimately choose the city.

Newark’s offer is one of the largest known subsidy packages presented by cities trying to woo Amazon. The company has shortlisted 20 locations, including New York, Los Angeles, Denver, Miami, Boston and Toronto. Montgomery County, Maryland, has offered up a $6.5 billion package.

Amazon also shortlisted three cities in the Washington, D.C. metro area, leading some to speculate that the company is leaning toward setting up shop there. [Bloomberg] — Kathryn Brenzel

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Amazon HQ2Commercial Real Estate