Last week, Tesla and Nevada governor Brian Sandoval jointly announced the automaker would be bringing its Gigafactory to Reno. Now, it's up to both houses of the state's legislature to pull it all together with a $1.3 billion tax break.
Reuters reports the Nevada Legislature gathered in Carson City for a special session at noon Wednesday to hammer the details of the package, which Sandoval believes will spur $100 billion worth of economic benefits for his state during the next two decades at an investment payoff of 80:1.
The package would provide the following for Tesla in exchange for hosting the Gigafactory:
- $725 million in tax exemptions through 2034
- $300 million in various tax savings through 2024
- $120 million in tax credits for meeting the state's investment threshold of $3.5 billion
- $75 million in tax credits for up to 6,000 jobs created
- Reduced utility rates
In turn, Tesla will invest over $37 million into Nevada's education systems during the next five years, and will bring a total of 25,500 jobs to the state, from construction to indirect employment.
As of this writing, both houses are set to return for a second day of deliberation Thursday morning. Until then, this is the tax break bill as established during Wednesday's session.
The post Nevada Legislature Deliberates Tesla Tax Package In Special Session appeared first on The Truth About Cars.
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