http://techcrunch.com/2010/08/30/goo...ncome-housing/
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Google is partnering with U.S. Bancorp Community Development Corporation (USBCDC), a division of U.S. Bank; to create an $86 million Low-Income Housing Tax Credit (LIHTC) fund. According to a release issued today, the funding will be used towards the construction and operation of 480 affordable rental housing units for low income families and senior citizens in seven communities throughout the West and Midwest.
It’s unusual for a technology company to get involved with these types of loans; banks and insurance companies usually help fund these credits. While the money doesn’t cover the total cost of these developments, these tax credits help them complete a project.
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No I'm not trying to trump up Google. I just find it interesting that a company with millions, or perhaps billions in the bank is doing this.
Techcruch pointed this out.
Quote:
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As an added bonus, the company will be able to offset its federal tax liabilities over several years with these credits.
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Which begs the question, if Cowperson is indeed correct, and US corporations are sitting on trillions in cash, why don't they do more stuff like this to offset federal tax liabilities?