According to reports , retail giant Amazon was given $1.5billion in tax breaks and grants to host half of it’s venture out of Long Island City according to NyDailynews.com
The project is going to provide 25k jobs and hiring begins in 2019! A lot of smaller cities made attempts on trying to bring Amazon to their regions in scope of a boosting to their economy. Amazon will receive $1.525 billion in “performance based incentives” as long as it creates 25,00 jobs.
These incentives include a refundable tax credit that of up to $1.2 billion. So over the next 10 years it calculates $48k per job for 25,000 jobs with an average wage of $150k.
However, there was a little backlash off of this idea to certain people. The reason being is because Amazon has made big moves like this in Seattle and it ultimately ended up pushing out the working-class. So now it raises concerns for Queens and the rest of the city. Another concern is the HQ2 (the infrastructure) that can potentially effect the transit system and more importantly the schools.
Either way, it’s just like anything else in the world, Its a gift and a curse. There is a way more in-depth look into this venture that seems pretty interesting. nydailynews.com