ANNOUNCEMENT 26 Apr 2021

In April 2021, the North Carolina Department of Commerce approved its largest tax incentive in NC history to Apple Inc.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

North Carolina Department of Commerce, Press Releases, “Governor Cooper Announces Apple Will Create 3,000 Jobs In Wake County - Personal Technology Company Will Invest $1 Billion In North Carolina”. Available at: https://www.nccommerce.com/news/press-releases/governor-cooper-announces-apple-will-create-3000-jobs-wake-county

Inception date: 26 Apr 2021 | Removal date: 26 Apr 2060

Tax or social insurance relief

On 26 April 2021, the North Carolina Department of Commerce announced providing a potential reimbursement of up to USD 845.8 million spread over 39 years to Apple Inc. under the Job Development Investment Grant (JDIG) program. Funding is approved by the North Carolina Economic Investment Committee for Apple’s investment decision in North Carolina’s Research Triangle region. In Apple’s new project, the company plans to create an R&D, Operations and Engineering hub in Wake County by investing more than USD 1 billion by 2032.

In this context, Apple’s Chief Operating Officer Jeff Williams said: “As a North-Carolina native, I’m thrilled Apple is expanding and creating new long-term job opportunities in the community I grew up in. We’re proud that this new investment will also be supporting education and critical infrastructure projects across the state. Apple has been a part of North Carolina for nearly two decades, and we’re looking forward to continuing to grow and a bright future ahead.”

Christopher Chung, chief executive officer of the Economic Development Partnership of North Carolina said: “Apple’s global name recognition and the scale of its new presence in the Research Triangle will elevate North Carolina’s already strong reputation for producing highly skilled tech workers as well as having the quality of life and affordability that attract more of the same. We expect other businesses ― particularly in Silicon Valley and even globally ― to take notice of this major announcement. And that will definitely boost our future recruitment efforts.”

JDIG is a performance-based economic development incentive program that provides annual grant disbursements to new and expanding businesses when the company invests in North Carolina and creates jobs. JDIG awards are determined depending on the location of the project, the number of net new jobs, the wages of the jobs compared to the county average wage, the level of investment, and whether the industry is one of the state’s targeted industry sectors.