Now enriched with hefty cash reserves thanks in large part to booming iPod sales, Apple Computer isn't about to let California tax collectors take too big of a bite.
The Cupertino, Calif.-headquartered firm has taken an unknown portion of its portfolio and set up shop in the veritable tax haven of Nevada, according to a recent BusinessWeek Online report.
The arid state has earned popularity among businesses because it has neither a corporate income tax nor a capital-gains one and shares no information with federal tax collectors, the report said.
Apple is calling its new endeavor Braeburn Capital--named, aptly, for a variety of the parent company's fruit--and plans for the Reno, Nev. firm to function as a "regional treasury office." Precise plans for managing the cash stores and short-term investments, which nearly doubled to $8.7 billion in 2005, remain unclear.
Apple's certainly not the first to find the move to Nevada alluring. According to figures in the BusinessWeek report, at least three dozen companies--the largest of which was online shoe distributor Zappos.com--moved their operations out of California during 2004.