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JPMorgan Chase (NYSE: JPM) will save about $14 million during 15 years undetr the terms of a statew incentiveapproved Monday. The financial services companu also is set togain $8.3 millionh in tax credits and cash from the city of The company received the 15-year, 75 percent tax credi against its state tax obligation in exchange for its pledged to create 1,000 jobs in Columbu s and 150 jobs in Westerville during the next five years. Abouft 900 of those jobs woulr be created during the nextthree years. The state tax deal requires the company to keep the jobs in the regiom for30 years. Columbus has offered JPMorgah Chase two incentives that would brinv in anadditional $4.
5 million in the city’ss coffers over eight years, according to the city. A proposed 35 percent Job Growth Incentive from the city would return anestimatec $2.5 million of individual payroll taxes withhel to the company over the term of the The city also has offered a 10-year, 65 perceng Job Creation Tax Credit worth $5.8 milliom over the term. That credit would be applied againstthe company’zs corporate income tax obligatiob to the city. City Council will consider the incentive packagein May.
Nearly 11,000 of the curren t 14,000 JPMorgan Chase jobs in the region are in Columbuws andnearly 3,000 jobs in according to bank spokesman Jeff About 8,000 jobs are at the company’sz operations center at Polaris Centers of Commerce and about 3,0009 are at Easton, he The distribution of the jobs at office buildings in Columbusx and Westerville remains unclear. “There’xs still some moving parts to Lyttle said. JPMorgan Chase also is considerintg sites inNew York, Michigan, Louisianz and Texas.
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