Facebook and Snapchat both got $3.2bn in tax breaks
Business Insider has learned that Facebook and Twitter both received tax breaks worth $3,200 per share as part of their $13.4bn US tax deal with the Treasury Department.
Both companies will be eligible for tax breaks totaling $4,700 per share in 2018 and $1,400 per share thereafter.
Facebook received a tax break worth $2.5bn in 2018, $1.5 billion in 2019, and $2bn each in 2020 and 2021, while Twitter received a $1bn tax break in 2020.
In 2017, Facebook and Instagram were both given a $5bn tax cut by the Treasury.
Twitter received $1 billion in 2017 and $3bn in 2020 as part a $15bn tax deal.
In 2016, Facebook received $7bn in 2017, $2 billion in 2018 to 2020, and another $2 million in 2020 to 2021.
Twitter was given $1billion in 2016 and $5.7bn each to 2021 and 2021.