True, New Yorkers are giving Amazon $1.5 billion in tax incentives to put one of its headquarters offices in the Queens community of Long Island City.
But New York City and the state together will garner a 9-to-1 rate of return on that investment, with combined tax revenue of $27.5 billion.
“That is the highest rate of return for any economic incentive program that the state has ever offered,” Gov. Andrew Cuomo said in a Tuesday afternoon new conference, noting that a popular tax credit for filmmakers generates just $1.15 for every dollar invested.
“This is a big moneymaker for us,” he said.
Along with a minimum of 25,000 jobs with an average salary of $150,000, the region will benefit from as much as $3.6 billion in spending by Amazon. Crystal City, a community sandwiched in the southeastern corner of Arlington County, Va. — a suburb of Washington, D.C. — landed the other half of what Amazon had billed as HQ2 in a year of competition that drew interest from more than 50 sites nationwide.
The selected locations will give Amazon access to robust talent pools and proximity to international airports, two of its key requirements outlined last year. The Virginia site will be in National Landing, a newly branded neighborhood that also encompasses parts of Pentagon City and Potomac Yard.
The Long Island City site, across the East River from Manhattan’s Penn Station train hub, is near both LaGuardia and John F. Kennedy airports as well as Citi Field, home to the New York Mets Major League Baseball team.
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Amazon HQ gives New York biggest return in history on economic investment https://t.co/UJVPmkkSl9
— Washington Examiner (@dcexaminer) November 13, 2018
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