The state Legislature on Friday will begin to consider legislation expanding New Jersey's corporate tax break offerings to make room for record tax breaks and a mega-business like Amazon.

Gov. Chris Christie and Newark city officials are offering Amazon an incentive package worth billions of dollars should the online retailing giant bring its projected 50,000 jobs and $5 billion in capital investments to Newark. So generous is the package that it would require the Legislature change rules for tax credits.

Thus, the creation of the Transformative Headquarters Economic Assistance Program in a bill (S3631) that goes before the Senate Budget and Appropriations and Assembly Judiciary committees Friday.

Eligible projects, according to the legislation, must generate at least 30,000 new jobs and invest at least $3 billion in developing and improving their property. In return, they can receive $10,000 in tax credits per full-time job created each year for 10 years, which adds up to $100,000 per job.

Over 10 years, Amazon would be eligible for up to a whopping $5 billion in tax credits.

Amazon wants to be in a metropolitan area within 30 miles of a population center, 45 minutes of an international airport and no more than one or two miles from major highways. More than 200 cities and regions have submitted proposals to host the new North American headquarters.

Christie's administration has said New Jersey's residents stand to gain some $9 billion in economic benefits if Amazon builds here.

The proposal has been criticized for its largesse.

If Amazon earned tax credits that exceed its corporate income tax liability, it could roll those credits forward for up to 50 years to reduce future taxes. It could even sell up to $25 million in credits a year to other businesses, with the stipulation the proceeds must be spent on infrastructure improvements at its facility.

Newark added its own blandishments, including a city property tax abatement that could be worth $1 billion, and a city wage tax waiver that would allow Amazon HQ2 employees to keep an estimated $1 billion of their earnings for up to 20 years, according to the governor's office.

Liberal Trenton think tank New Jersey Policy Perspective has said the state's application leans too hard on tax breaks, while undervaluing the state's many other assets.

State Sen. Raymond Lesniak, D-Union, who sponsored this new legislation, said Tuesday the tax credits are "a no brainer," and there will be no tax revenue collected at all if New Jersey doesn't land the business.

Amazon, he added, would be an unparalleled opportunity for Newark.

"I can't think of anything quite as significant for the state's growth and prosperity as Amazon coming to Newark," he said.

Lawmakers will have to act quickly if the bill is to be approved this session and signed by Christie. The current Legislature's term ends at noon on Tuesday, a week before Christie leaves office.

"Where there's a will there's a way in the Legislature," Lesniak said. "So long as the leadership in both houses, Democratic and Republican, support it so we can get the emergencies, we have plenty of time. And I believe we do have that support."

Samantha Marcus may be reached at smarcus@njadvancemedia.com. Follow her on Twitter @samanthamarcus. Find NJ.com Politics on Facebook.