“For Apple Inc. to receive up to $7.4 million in incentives from Travis County, the technology giant must promise to hire a percentage of “economically disadvantaged” local residents, county officials said Tuesday,” Farzad Mashhood reports for The American-Statesman.
“Travis County is considering giving Apple an 80 percent rebate on its tax bill for 10 years — up to $7.4 million with a potential five-year extension — if the company locates a facility here that could create up to 3,600 jobs,” Mashhood reports. “The county’s proposal is the smallest of three government-backed subsidies being offered to Apple. The City of Austin approved $8.6 million in tax breaks for the company, while the state-run Texas Enterprise Fund has proposed a $21 million incentive package.”
Mashhood reports, “Apple’s project would be built in two phases in Northwest Austin, near its current customer support center, first with a $56.5 million, 200,000-square-foot office, then a $226 million office up to 800,000 square feet. The 3,600 jobs are expected to be filled over the course of 10 years, with county officials saying the average salary for those jobs would range from $54,000 to $73,500.”
Read more in the full article here.
[Thanks to MacDailyNews Readers “Judge Bork” and “Lynn Weiler” for the heads up.]
Related articles:
Austin city council unanimously approves $8.6 million dollars in incentives for Apple Inc. – March 23, 2012
Texas Governor Rick Perry announces Apple to invest $304 million, create 3,600 new jobs in Austin – March 9, 2012
“economically disadvantaged”? Can someone define this before I start jumping to conclusions?!
That would be anyone making less than $54,000 to $73,500.
The investment that will pay for itself and bring more tax money in than the break in spades.
This could only happen in a conservative place like Texas!
Libtard-Brain Dead-Lemmings can’t comprehend the simple logic to it all. Or they can and just want to destroy anyway!
We hate LIberals!!!!!!!
Apple won’t hire morons. That’s for the government and unions to do.
After reading more than the headline, Travis county should get rid of all of the strings attached and just give Apple the tax break to do more business there, period!
http://washingtonexaminer.com/politics/washington-secrets/2012/04/van-jones-group-plans-american’s-“arab-spring”-revolt/453666
Van Jones group plans American’s “Arab Spring” revolt
http://www.weeklystandard.com/blogs/73000-debt-american-under-obamas-budget-plan_635499.html
$73,000 Debt Per American Under Obama’s Budget Plan
Poor?
Unable to buy a new truck?
Living in tin shacks on the local landfill?
Not being able to buy a 4000 sq. ft. home?
Whaaaatt?
People on welfare.
Disabled people.
People needing job retraining.
I am sure you all understand what “economically disadvantaged” means.
I would imagine, those on food stamps.
People willing to get to work on time and be worth more than they are making – then they’ll succeed.
Let’s see now…….3600 times hmmm, lets say 60K, equals about $216 million over one year. Over Ten years that would be about $2 Billion. Lets call it $3 billion, because salaries WILL increase. Now what was that incentive, $7 million?
Not to mention that these, so called disadvantaged people, will be worse than BOZO’s….bringing the average IQ of Apple down a notch I would say. The result of which will make MS attractive again.
+1
This site has the world’s most ignorant comments, don’t you agree Paul?
$60,000 a year? This be Texas! $7.00 an hour,
25 hours a week.
Not sure why a company that’s sitting on 100 BILLION FREAKIN’ DOLLARS!!!!!!! needs this corporate welfare.
Pay your taxes Apple, don’t be a deadbeat.
Apple’s current tax rate is about 25%, which means last year they paid more than $25 billion in taxes.
What are you talking about? A second tax? Or are you just looking around to take the propery of others?
How is it corporate welfare? It’s Apple’s money to begin with.
Yes, extremely important point!!!!!!
Quick primer on Texas tax structure: (1) There is no individual or corporate income tax. (2) What corporate taxes we do have go the the state government, not cities or counties. (3) Counties have no sales taxes, so they do not directly benefit from increased economic activity. (4) This is not a high-tech facility, so it will mostly be taxed on the property value of its land and buildings. (5) Most property tax revenue goes to the school district, which does not give any incentives. (6) The county is prohibited by the Texas Constitution from giving away its tax revenue without adequate compensation. (7) The most obvious quid-pro-quo is that Apple agree to take on a certain number of employees who would otherwise require county services (notably health care). (8) If Apple locates elsewhere–which it will without incentives–those people will remain a county responsibility. The only question is whether the county and Apple can reach a mutually-beneficial agreement; neither of them is going to agree to anything out of the goodness of their heart.
It may not benefit the Texas county government directly but increased economic activity is ALWAYS a good thing for everyone around it!!!!!!!!! Don’t fool yourself!