City Of Austin, Texas Approves $8.6 Million In Tax Breaks For Apple
The city of Austin, Texas has approved of an $8.6 million tax break for Apple. Apple plans on bringing 3,600 jobs to the city. The approval was made after a debate by the City Council. Supposedly Apple was deciding between Austin and Phoenix. However Arizona officials said that they were never in the running.
The tax break was necessary for Apple to qualify for a $21 million incentive package from the Texas Enterprise Fund.
“There are 25,000 people in Austin, Texas, today looking for work who can’t find it,” stated Council Member Bill Spelman said. “We are only six months away from the worst unemployment figure since the city starting tracking it, and it would be premature for us to think we’re out of it.”
Ed Wendler Jr. and former County Judge Bill Aleshire compared these incentives to the Formula One track that is being built southeast of Austin. F1 organizers sought $25 million annually in state subsidies. State law would only allow this if a local government fronted the money for the infrastructure. The $4 million would be paid back through additional taxes that the event was projected to generate.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry