“For the second time in a decade, Apple looks to be focused on North Carolina,” Lauren K. Ohnesorge reports for Triangle Business Journal. “Officials in the Catawba County town already transformed by Apple’s tax dollars call it a ‘phenomenal company,’ and predict that, should it pick Research Triangle Park for its East Coast corporate campus, this region, too, will soon sing its praises.”
“They say a decade ago in Maiden, trouble was brewing. ‘The town was losing jobs, the cost of services was expanding, the tax base was dwindling,’ recalls the then-just hired Todd Herms, who still manages the town today,” Ohnesorge reports. “Initially, [Apple’s] project was 50 direct jobs and 150 additional support jobs – a sum Scott Millar, president of the Catawba County Economic Development Commission, says they’ve ‘greatly exceeded.’ Today, Apple’s stealthy campus contains a half dozen buildings, powered by three different solar farms scattered across Catawba County.”
“Apple has become Catawba County’s top taxpayer, with an assessed value of $1.1 billion, nearly 42 percent higher than the No. 2 firm: Duke Energy Carolinas. Last year, Apple paid $6.2 million in county taxes,” Ohnesorge reports. “‘As a result of Apple’s being there that every citizen in Maiden has been impacted in a positive manner and they may not even realize that,’ Millar says.”
MacDailyNews Take: Yup.
The benefits of having a large corporation in your country or state go far, far beyond corporate taxes or even a total lack thereof. Those employees, who would not exist in your state otherwise, pay taxes – income, energy, property, etc., etc., etc. – and buy everything from food to furniture to vehicles in the local economy (each one of those purchases very likely taxed as well). Those who whine about corporate taxes [and/or tax incentives] cannot see the forest for the trees. — MacDailyNews, July 9, 2013
“Officials have actually lowered taxes. At the same time, investments in services have gone up,” Ohnesorge reports. “Local coffers, boosted by Apple tax bills, have funded park expansions, street paving projects and even a new fire station. The town has even started providing free public Wi-Fi. ‘Our budget basically doubled,’ says [town manager Todd Herms].”
Read more in the full article here.
MacDailyNews Take: Good luck, Raleigh-Durham!
SEE ALSO:
Apple close to deal to build major new campus in North Carolina’s Research Triangle pending tax breaks – May 17, 2018
Apple quietly explores Northern Virginia for 20,000-employee campus – May 16, 2018
Apple to build new U.S. campus, pay record $38 billion repatriation tax – January 18, 2018
Apple gives employees $2,500 bonuses after President Trump signed the GOP’s Tax Cuts and Jobs Act – January 17, 2018
Looks like Apple is bringing nearly all of its $250 billion foreign cash back home to America – January 17, 2018
Apple plans to add $350 billion to U.S. economy and create over 20,000 new jobs over next 5 years, pay $38 billion in repatriated taxes, the largest ever made – January 17, 2018
North Carolina lawmakers OK tax incentives for Apple Inc. – May 27, 2009
North Carolina lawmakers push to give Apple massive tax break for $1 billion server farm investment – May 23, 2009