Christie Backs Newark's Amazon Bid With $7 Billion in Tax Breaks

New Jersey Governor Chris Christie is seeking to deploy $7 billion in potential tax credits to lure Amazon.com Inc.’s planned second headquarters to Newark, which has been struggling to stage a broad economic revival since it was devastated by riots in 1967.

The proposal would offset state and city taxes, including an incentive through New Jersey’s Economic Development Authority that could reach $5 billion over 10 years, the governor’s office said Monday in a statement. The remainder of the tax breaks would come from a $1 billion city property tax abatement and a wage tax waiver of $1 billion for employees.