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Nevada Board Green Lights $89 Million Tax Cut for Apple Data Center in Reno

Nevada Board Green Lights $89 Million Tax Cut for Apple Data Center in Reno

The Nevada Board of Economic Development gave the green light on Wednesday to plans to give Apple $89 million in tax cuts for their proposed data center and other buildings in downtown Reno, and the town of Sparks.

AppleInsider:

The gesture is considered to be largely for show, reports the Associated Press, as the body does not have the authority to change the deal first reported in June. A law approved in 2011 gave the NBED’s executive director the power to broker deals that meet certain predefined requirements.

Brian Sandoval, Governor of Nevada, said the deal was a “win” for the state, as the data center construction may encourage increased interest from other companies looking to expand.

Negotiations were started in February, with Apple receiving an $89 million tax break which includes property tax reductions of 85 percent over 10 to 30 years.

In return, the project is expected to bring in $343 million while tax revenue will gain local and state governments $16 million over the next 10 years.

The construction is expected to create around 580 jobs, and put $103 million into the local economy.

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