What Amazon is promised from New York and Virginia
When I review the news articles about Amazon’s courting and selection of cities and states for its new headquarters – excuse me – two headquarters, I can’t help but think of the Meat Loaf song, “I’d do anything for love, (But I won’t do that).” Appropriately, it’s from the Bat Out of Hell album. Anyway, for those of you who are still attempting to make sense out of what has been offered to Amazon, I offer the following from the Wall Street Journal.
From New York state: $1.525 billion, including: $1.2 billion in refundable tax credits; $325 million from Empire State Development.
From New York City: Amazon said it would apply for a New York City subsidy program providing property-tax abatements for up to 25 years. Also the company is to seek incentives that could provide $3,000 in tax credits per eligible employee over 12 years.
From Virginia: $550 million cash grant. Amazon may be able to claim up to $200 million funds based on future job creation.$23 million in cash over 15 years based on growth of the county hotel tax.
From Arlington: $23 million in cash over 15 years.