“The General Assembly on Monday approved changing the state’s tax law with hopes it will result in Apple Inc. announcing a $1 billion investment within days,” Emery P. Dalesio reports for The Associated Press.

“The Senate voted 40-8 to go along with conditions including that the company invest in a rural area. The final round of debate lasted less than a minute,” Dalesio reports. “The legislation was sent to Gov. Beverly Perdue, who was expected to sign the bill into law quickly.”

“The bill would give the qualifying company a break on state corporate income taxes. The tax break could be worth about $46 million in the next decade, assuming the lone, unnamed company projected to qualify reaches its $1 billion investment target within nine years of starting, according to a memo by legislative fiscal staffers,” Dalesio reports.

“The Associated Press reported last month that the unidentified company being targeted by the tax break is Apple, which is seeking a site for its East Coast data warehouse,” Dalesio reports. “These facilities, also called server farms, are huge, climate-controlled computer warehouses that can process vast flows of data needed as business functions and everyday life increasingly depend on Internet traffic.”

“If the Apple project also remained active for 30 years, its server farm could save more than $300 million on its corporate taxes, based on legislative staffers’ estimates,” Dalesio reports.

Full article here.