De Blasio deputy says city won’t try to top Christie’s tax subsidies
By Ryan Hutchins and Dana Rubinstein
The de Blasio administration doesn't have any plans of trying to compete with the almost-too-good-to-be-true tax-incentive program New Jersey has used in recent months to retain and attract thousands of jobs, a top official said today.
"With respect to discretionary tax incentives to retain particular industries who are already located here, that is not something that we're going to get engaged in,” deputy mayor Alicia Glen said this morning during an event hosted by the Citizens Budget Commission. “We're not going to be in a situation where we're negotiating against other states to retain those kinds of jobs.”
Glen's comments follow Friday's decision by New Jersey's Economic Development Authority to award JPMorgan Chase Bank and RBC Capital Markets nearly $303 million in subsidies over the next decade in exchange for creating 1,900 jobs. RBC will move 900 positions from its offices in Manhattan to Jersey City, though it will keep its U.S. headquarters in New York.
JPMorgan is consolidating offices in New Jersey and will build a regional technology and operations hub at its facility in Jersey City. It will add 1,000 new positions in the state, in addition to moving others to Jersey City, though a spokesperson said the additional jobs will not come from New York.
http://www.capitalnewyork.com/article/real-estate/2014/05/8545812/de-blasio-deputy-says-city-wont-try-top-christies-tax-subsidies?top-featured-1
