North Carolina To Kick $845.8M of Apple Employees’ State Taxes Back To Apple
Published on May 03, 2021 at 06:34AM
Long-time Slashdot reader theodp writes:
The announcement Monday that Apple Inc. would locate its new high-tech campus in Research Triangle Park,” reports The News&Observer’s Tyler Dukes, “was heralded as a coup for the state, which has pursued the company and the promise of its high-paying jobs for at least three years. But that victory comes at a cost. State and local incentives for the deal could be worth nearly $1 billion to the company over the next four decades. That award, by far the largest in the state’s history, will mostly come from new Apple employees’ state income tax payments — the vast majority of which will flow right back to Apple….
“The JDIG award approved by the state’s Economic Investment Committee Monday morning would mean $845.8 million in payments to Apple through 2061 — provided the company meets its hiring, worker-retention and investment targets. These payments are recouped from the income taxes Apple’s new employees would normally pay to the state. Starting in 2023, the state will start issuing payments to Apple worth a little more than half of those employees’ annual tax payments. In 2032, if all goes as planned, that percentage increases to 90%.”
Apple, whose market cap on Monday was $2.26 trillion, isn’t exactly hurting for money…
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