Apple bought $2.33 million worth of Pennsylvania tax credits in 2012, the Philadelphia Inquirer reported.
The tech giant bought the 32 tax credits from local companies who had received the credits from the state’s Keystone Innovation Zone program. This is actually a common practice, the Inquirer reported. Some early-stage companies apply for the credits in order to sell them and raise money, rather than use the credits to lower their own taxes.
Read the whole Inquirer article here.
Read more about the $4.84B that Pennsylvania spent in tax credits annually since 2007 here.
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