Apple’s tax break from Iowa met with frictionBloomberg 08/25/2017
The Iowa Economic Development Authority approved a deal granting Apple refunds and tax breaks totaling $208 million in exchange for the company’s promise to build a data center in the state. Apple committed to creating 50 jobs and buying 2,000 acres of land for the project which is estimated to cost $1.4 billion. Critics see the deal as overgenerous. “It’s a net fiscal loss that it’s a straightforward giveaway in the economy to a company that’s extraordinarily wealthy and it makes no sense from an economist’s point of view,” said David Swenson, an economist at Iowa State University.