Apple receives US$10 million investment from Arizona

Apple receives US$10 million investment from Arizona News on November 20, according to foreign media Bizjournal, Apple will receive 10 million...

ACA (Arizona Commerce Agency) claimed that the $10 million came from the Arizona Competitive Fund, which is administered by Arizona Governor Brewer and ACA. Brewer and the ACA will direct a total of about $25 million in funds to businesses and jobs that will raise revenue in the state.

The funds received by Apple will be used to provide jobs, capital investment, and Apple’s joint New Hampshire GT technology cooperation factory in the East Valley.

The Commerce Bureau estimates the total capital investment for Apple's factories could be as high as $1.5 billion. Apple officials said the glass component factory will be powered by solar energy and other resources. A Salt River project with Apple is also planned.

ACA estimates that the Apple factory can create 1,300 construction jobs to transform the First Solar factory. Apple spent $113 million to buy the factory on Halloween.

According to ACA officials, GT Technology can also receive income tax credits and job training subsidies. Apple also enjoys property and other tax breaks. The property tax rate Apple pays to the state has also been reduced to 5%. The current corporate tax rate in most Arizona states is 19.5%.