dollars of very poor Sandoval County subsidize one of the richest
corporations in the world, mighty Intel
The $8 billion IRB
previously (1995) given to Intel cost taxpayers a total of $568 million,
as reported in the April 27, 1993 Weekly Alibi.
The breakdown was:
$441 million in
unpaid property tax
$70 million in
unpaid sales tax
$55 million in
investment tax credit
$2 million in
employee training funds
This $568 million
does not include unspecified additional corporate tax breaks to Intel
that could not be calculated.
And now residents
of Sandoval County – one of New Mexico’s poorest counties – are
again being forced to subsidize Intel, one of the world’s wealthiest
corporations. This time for
an IRB twice as big as the previous, largest IRB ever given in this
The 180 acres Intel
occupies was a gift from the Sandoval County Commission. With residential land in Corrales selling for $125,000 per
acre, choice commercial property right on Highway 528 should easily be
worth twice as much. Therefore,
$45 million is a conservative estimate of the value of the 180 land
given to Intel.
repeatedly taken credit for paying $30 million for the Rio Rancho High
School. However, the recent
BBER study found that Intel’s previous $8 billion IRB cost the Rio
Rancho Public Schools $17.5 million for just two years.
Thus, in fewer than four years Intel’s tax-deductible
“gift” will be more than offset by continuing higher annual costs to
the school district. How
much will the recent $16 billion IRB add to this loss?
Moreover, what kind
of a “gift” was it when Intel retained the school deed to use as a
bargaining chip to get an additional $16 billion IRB?
I recently sold my
Corrales home. Based on the
selling price and latest tax bill, my property tax rate was just over
0.5% of the market value. Yet,
Intel, whose property value is at least $5 billion, pays zero
County taxpayers are paying far higher property taxes than they should,
while Intel pays none.
and other Intel apologists have repeatedly told us what a “great
deal” Sandoval County is getting because Intel has agreed to pay $80
million over the next 15 years. As
cited above, the previous IRB has already cost taxpayers more than six
times that amount!
conveniently neglects to mention the massive costs to taxpayers for the
previous IRB, or the likely costs to taxpayers for his latest give-away
After serving as
Intel’s errand boy, at the expense of his taxpaying constituents, Mr.
Ely has wisely chosen not to seek reelection.
Many residents are
disappointed that Mr. Ely’s withdrawal has deprived them of the
opportunity to vote him out of office.