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Financial-services company secures $20M in tax credits for Jersey City move

By , - Last modified: July 11, 2018 at 2:45 PM
ETrade, in an internal memo, had said it plans to move 251 customer service jobs over to Jersey City from the Philippines.
ETrade, in an internal memo, had said it plans to move 251 customer service jobs over to Jersey City from the Philippines. - ()

Financial services company ETrade is eyeing a potential move to Jersey City, after the state’s Economic Development Authority awarded $20 million in tax credits last month.

ETrade, in an internal memo, had said it plans to move 251 customer service jobs over to Jersey City from the Philippines. Under the agreement, which the EDA approved at their June 12 meeting, the state would award more than $2 millions a year in tax credits for 10 years.

The EDA is New Jersey’s primary arm for attracting business, investment and job creation into the state. The authority dolls out the tax credits through their Grow New Jersey Program.

ETrade already runs a handful of other functions in Jersey City, according to their EDA application, including a 106,573-square-foot office at the Harborside, where 510 people already work. Company officials would rent out an entire floor to house the customer service staff.

Last week, the New Jersey governor's office announced that Israel-based Teva Pharmaceuticals will move its U.S. headquarters from Pennsylvania to Parsippany.

That was the result of the EDA approving a 10-year, $40 million tax incentive for Teva. The move is expected to add 843 jobs in the state and retain an additional 232 New Jersey employees.

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Daniel J. Munoz

Daniel J. Munoz


Daniel Munoz covers politics and state government for NJBIZ. You can contact him at dmunoz@njbiz.com.

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Dimitri July 11, 2018 3:25 pm

Picking winners and losers again instead of just reducing taxes across the board. The resident businesses foot the bill for the new boys in town and there will be campaign donations for the people that voted this in. In the end NJ is in last place.

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