News for hackers. Stuff that matters.

A comment on Iowa's handout to Apple illustrates the folly of corporate welfare deals. Parent comment

Re:Iowa's handout to Apple illustrates the folly of corporat... by rtpg on Wednesday August 30, 2017 @10:35PM (#15137774)
why is there a different tax for farmland and for datacenters? Because we want datacenters to pay more!

I understand making some deals, but this is slightly much. You wouldn't make a deal like "Oh if you open a bank here we'll exempt you from capital requirements".

[ Parent | on HN ]
Re:Iowa's handout to Apple illustrates the folly of corporat... by colechristensen on Wednesday August 30, 2017 @11:09PM (#15137897)
Property tax is based on the assessed value of the land and what's (permanently) on it. A lot with a house is assessed higher than one that's vacant. A parcel of farmland is assessed quite a lot lower than one with a hundred million dollar data center built on it. The tax abatement says Apple gets to pay the property tax for X years assessed at the value before they build anything.
[ Parent | on HN ]