NJ awards New York Life $34 million in tax credits to move offices, workers
April 21, 2015 by IFAwebnews Staff
New Jersey’s Economic Development Authority has awarded New York Life Insurance a 10-year, $33.9 million tax credit to move some of its operations from Parsippany to Jersey City.
The move would mean New York Life would move 325 jobs from Parsippany, and add an additional 300 new workers in Jersey City.
The credit would be through the state’s New Jersey Grow program.
If New York Life accepts the award, it would lease three floors of the Goldman Sachs building in downtown Jersey City
State officials said the company is also considering utilizing more space at existing facilities in Manhattan and Sleepy Hollow, N.Y.
The EDA said the project’s net benefit to the state over a 20-year period would be $430.8 million.
The EDA awarded $140 million in tax credits to several companies doing business in New Jersey last week, including $19.4 million in tax credits over seven years to Brown Brothers Harriman & Co., reportedly the oldest and largest privately held bank in the United States.