Amazon Boosts New Jersey's Tax Revenue by $40 Million
As much of $40 million in additional tax revenue will be collected in New Jersey starting in the summer of 2013.
This coincides with the launch of Amazon's two new distribution warehouses, which could provide New Jersey with thousands of construction jobs and an estimated 1,500 permanent jobs in the warehouses once construction has been completed.
As a result of the new sales tax collected from Amazon purchases, New Jersey officials estimate that the online retailer will bring an additional $30 million to $40 million to the state every year. Amazon is investing $130 million to build the new warehouses, but the Wall Street Journal said that some of that money will be recouped from grants provided by the state.
In the past, Amazon sought sales tax exemptions by agreeing to build what the Wall Street Journal refers to as "job-creating distribution centers" in California, Tennessee, Indiana and South Carolina.
Follow me @LouisBedigianBZ
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.