""$77 million per job is by far the largest government subsidy ever recorded within the United States, possibly the world," Reinvent Albany said in its report on the subsidy."
"Reinvent Albany's executive director John Kaehny described the JPMC subsidy deal as 'totally crazy and irrational,' questioning the justification for such a large taxpayer investment for a single job."
"Kaehny emphasized the absurdity of taxpayers funding nearly a hundred million dollars for a major Wall Street firm to expand its datacenter, which only results in one full-time job."
"The IDA's resolution indicates that JPMorgan Chase will continue paying about $600k a year in Payments in Lieu of Taxes, despite the massive subsidy."
Rockland County approved nearly $77 million in tax breaks for JPMorgan Chase's datacenter expansion, leading to criticism from government watchdogs. The Rockland County Industrial Development Agency confirmed that the project would create just one new permanent job. Reinvent Albany highlighted that this subsidy amounts to $77 million per job, the largest recorded in the U.S. or possibly the world. The deal also extends a tax abatement through 2044, raising concerns about the financial implications for taxpayers.
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