Nevada lawmakers consider $1.3 billion in tax breaks for electric car maker
Nevada lawmakers on Thursday approved a package of bills to provide $1.3 billion in tax breaks and other incentives for Tesla Motors, clinching a deal for the electric car company to build a massive factory in the state.
“This is arguably the biggest thing that has happened in Nevada since at least the Hoover Dam,” the mammoth Depression-era project on the Colorado River that employed thousands and provided hydro-electric power to the state in the 1930s, said Assemblyman Ira Hansen, a Republican from Sparks.
Tesla, founded by entrepreneur Elon Musk, decided to locate its factory in Nevada after negotiating with several states, including Texas, Arizona, New Mexico and the company’s home state of California.
To clinch the deal, Sandoval promised that tax credits and other incentives would be available for up to 20 years, a perk estimated at $725 million. In addition, the company would save more than an estimated $300 million in payroll and other taxes through 2024.
Source: Reuters
