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Apple's $88 Million Tax Break Doesn't Compute for Nevada
How the high-flying tech company just nabbed the largest corporate tax exemption in the state's history.
If corporate America is going to lead the way out of the recession, then Apple would seem to be its Horatio Alger. The expansion of the nation's most lucrative tech company into cloud computing is driving demand for vast data centers and the workers needed to build and maintain them. Just last week, Apple gained approval to build a $1 billion server farm in Reno, Nevada—a state that suffers from the nation's worst budget deficit and highest unemployment rate.
But Apple's move will do little to nothing to solve Nevada's employment and budget woes. To the contrary, before Apple would agree to break ground in the Silver State, it demanded and received $88 million in state and local tax breaks—the largest corporate tax exemption in Nevada history. What's more, the deal doesn't even require that Apple create new jobs or hire locals.
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