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Cuomo: Amazon HQ will cost state of New York 'nada'

ALBANY, N.Y. — New York Gov. Andrew Cuomo says a deal to bring Amazon’s second headquarters to Queens will cost the state “nothing” — even though taxpayers will be on the hook for $325 million in direct grants to the company.

Cuomo, a Democrat, went on New York City public radio Monday to defend the agreement, which also envisions $1.2 billion in state tax credits and more than $1 billion in additional incentives from New York City. Cuomo said despite the large investment, the city and state will come out ahead when billions of dollars in new tax revenues and economic activity from the company and its employees are factored in.

“These people who come to New York ... they are going to be net positives, not net negatives,” Cuomo said. “They’re going to bring wealth. They’re going to be earning wealth. And that’s going to be a stimulus, not a detraction.”

Critics of the deal say the state is giving away far too much to lure one of the world’s biggest companies to the nation’s largest city and financial center. As part of its expansion, Amazon is also planning a campus in Virginia.

The total value of the New York incentive package to Amazon could top $2.8 billion.

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