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Politics aside, why would they build anything at this point? They already got the tax break.
by tboyd47 3y ago
Politics aside, why would they build anything at this point? They already got the tax break.
- prepend 3y agoIt’s not a refundable tax break. They need to develop to actually realize the benefit.
- mattbrewsbytes 3y agoUsually all of these tax breaks are dependent on actually building facilities, hiring and maintaining staff levels over a period of time. They likely haven’t gotten anything yet. Same goes for things like that Foxconn factory in the midwest (WI?) that never materialized.
- clusterhacks 3y agoThe funds are based on a percentage of employee withholdings (income tax) - if there are no employees, there are no funds to Apple: "It is a performance-based economic development incentive program that provides annual grant disbursements for a period of up to 12 years, to new and expanding businesses based on a percentage of withholding taxes paid by new employees during each calendar year of a grant. This percentage ranges from 10% to 75% (80% for awards after October 1, 2015 in Tier 1 counties). " You can find the specifics for the Job Development Investment Grant program annual report for 2021 - this is the one that has the Apple program details: https://www.johnlocke.org/wp-content/uploads/2022/05/2021-JDIG-Annual-Report.pdf https://www.johnlocke.org/wp-content/uploads/2022/05/2021-JD... As far as I can tell, they are just proposing that most (75%) of the income taxes the new Apple employees would have paid to the state will instead go to Apple. If they never have any employees, Apple gets 75% of zero. <edit for additional info>It appears that the Apple incentive is "transformative" a classification that means the amount can raise from 75% to 100% if Apple meets the hiring targets . . .