Chicago, Illinois Offer Amazon Billions in Tax Credits, Incentives
Chicago and Illinois have formally submitted their bid for Amazon’s HQ2 campus. Now, the numbers for the hefty incentive package offered to Amazon have been released, according to Chicago Magazine.
The entire package comes to a total of $2.2 billion. Illinois’s Economic Development for a Growing Economy (EDGE) program is willing to give Amazon $1.4 billion in tax credits, according to the report. A total of $450 million is being offered by a group of agencies including the state and city Departments of Transportation and the CTA. A further $250 million is pledged to Neighborhood Opportunity Funds, education, and workforce training, Chicago Magazine reports.
Chicago Magazine points out that the incentive package translates to approximately $45,000 for each of the 50,000 jobs Amazon plans to bring to its new headquarters location. Chicago’s incentive package may be significant, but it isn’t the biggest on the table. For example, New Jersey is offering Amazon a $7 billion incentive package, according to the report.