Tesla Receives $1.3 Billion Tax Break From Nevada
The world’s largest lithium-ion battery factory just received a massive tax break.
Nevada Governor Brian Sandoval has approved $1.3 billion in tax breaks for Tesla along with a measure that will allow the electric American automaker to sell its vehicles directly to state residents. The bill was signed minutes after the Assembly and Senate unanimously agreed to write off Tesla’s sales taxes for 20 years along with property and business taxes for a decade.
SEE ALSO: Tesla to Build Gigafactory in Nevada
The tax breaks are another component to the deal that was unveiled September 4 and will help create the first Gigafactory that will supply batteries to 500,000 vehicles. The Gigafactory is expected to employ 6,500 people with an average wage of over $25 an hour and will begin operations in 2020.
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[Source: Bloomberg]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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Corporate welfare at it's finest. When the tax breaks run out, musk will pull up steaks and move the plant to the next sucker state.