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City, State Expect $27B in Tax Revenues from Amazon HQ
For city and state alike, Amazon’s plan to establish a second headquarters campus in Long Island City—one of two on the East Coast—has visions of billions in tax revenues dancing in officials’ heads.
Between establishing an LIC campus and developing it, the Amazon HQ2 project is expected to create more than 107,000 total direct and indirect jobs, over $14 billion in new tax revenue for the state and a net of $13.5 billion in city tax revenue over 25 years.
Over that same time period, the Amazon project will generate over $186 billion in Gross State Product for the New York State economy over the initial 25 years, according to an economic impact study by REMI Inc.
Amazon’s arrival in LIC may entail as much as $3 billion in tax subsidies, Crain’s New York business reported. However, Gov. Andrew Cuomo is asserting a 900% ROI for the state.
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
- ◦Development
