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Apple

Submission + - Nevada grants massive tax breaks to Apple, Richest Company in History (rgj.com)

McGruber writes: The Reno Gazette Journal has the scoop about how "Reno landed Apple, one of the biggest prizes in the data center industry" (http://www.rgj.com/article/20120819/BIZ05/308190036/How-Reno-landed-Apple-one-biggest-prizes-data-center-industry).

Their secret? Let the most valuable company in history (http://apple.slashdot.org/story/12/08/20/1924243/apple-is-now-the-most-valuable-company-in-history) skip out on paying taxes: "First, the state offered to reduce Apple’s sales tax rate to 2 percent, down from 7.7 percent. The reduction amounts to about $72.2 million over a decade and could last up to 12 years.

The city of Reno then agreed to let Apple keep two-thirds of the aforementioned 2 percent, reducing its effective tax rate to a half percent.

Apple also was offered a 10-year property tax reduction of 85 percent by the county, which amounts to about $16.7 million. The reduction can be extended for two more 10-year periods through 2042. The Washoe County School District agreed to a waiver of sales tax reimbursements it would normally receive from the Apple development as well."

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Nevada grants massive tax breaks to Apple, Richest Company in History

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