Feeds

Cupertino clears Apple's Fruit Loop HQ - provided it coughs up more taxes

City council eyes fruity firm's billions as it waves construction plans through

The Power of One Infographic

Apple has been given the final go-ahead to build its infamous “fruit loop” HQ - as long as it agrees to cough more taxes to the City of Cupertino.

Cupertino City Council voted unanimously to reduce the annual tax break it gives Apple by 15 per cent, before also agreeing to allow the fruity firm to park the spaceship-like Apple Campus II in the centre of town.

In 1997, Cupertino agreed to hand back 50 per cent of the tax raised by Apple's business-to-business sales.

Back then, Apple was struggling and so was Cupertino. But now, the agreement looks ridiculous considering the firm raked in total sales of $156.5bn in 2012 alone and boasts a cash reserve of about $100bn.

"There will be short-term and long-term impacts from this new development," Cupertino's mayor Orrin Mahoney said yesterday. "And as part of our negotiations, this change was just one way that Apple could continue to help us out in the long-term. This will give us some additional revenue, which will be nice to have."

It is estimated that the deal will net the city $1.8m.

There were no public objections at the vote yesterday and politicians were typically fawning. Cupertino has generally bent over backwards to make Apple feel at home, for fear of sending the city's one golden Apple tumbling from the tree.

A video of Steve Jobs telling the council about his plans two years ago looks more like a fanbois' love-in than a planning meeting.

"We're really proud that you decided to stay here in Cupertino," Councilman Gilbert Wong added yesterday. ®

Mobile application security vulnerability report

More from The Register

next story
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.