By Yashaswini Swamynathan
JPMorgan Chase & Co (JPM.N) will create 1,000 jobs and retain over 2,600 workers in Jersey City, and invest more than $76 million in New Jersey under a state tax credit program.
The state’s Economic Development Authority said on Tuesday that New Jersey will reap a net benefit of $1.1 billion through the program.
JPMorgan qualified as a “mega project” and was eligible for a base award of $5,000 per employee, the EDA said about the Grow New Jersey Assistance Program, which provides annual tax credits per job of $500 to $5,000, and bonus credits of $250 to $3,000.
JPMorgan was looking at options to expand its regional technology and operations hub, the EDA added in a statement.
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