March 17 (Bloomberg) -- Sony Music Entertainment gained approval for a $1.6 million tax incentive to move 50 jobs to Rutherford, New Jersey, rather than Long Island City, New York.
The New Jersey Economic Development Authority unanimously approved the incentive March 13, according to Erin Gold, a spokeswoman. The annual credit would be $162,500 for 10 years.
The relocation from offices in Manhattan would bring 50 jobs with median wages of $100,000, according to Sony’s application. Liz Young, a spokeswoman for the company in New York, declined to comment on the plans when reached by telephone.
The company, which is owned by Tokyo-based Sony Corp., holds the full or partial rights to the work of artists including New Jersey native Bruce Springsteen, the Beatles and Michael Jackson. Sony is cutting costs around the world and “has indicated that the grant of tax credits is a material factor in the company’s location decision,” according to the application. A proposed location on Route 17 in Rutherford, about 14 miles (23 kilometers) west of Manhattan, would require a $5.85 million capital investment, it said.
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