Tesla requests $330M-plus in additional Nevada tax breaks
Tesla may receive over $300 million in tax abatements over the next two decades for a massive new expansion of its northern Nevada facility, the product of a 2014 deal for when the company first came to the area on the promise of new jobs and major investments in the area
RENO, Nev. (AP) — Tesla may receive over $300 million in tax abatements over the next two decades for a massive new expansion of its northern Nevada facility, the product of a 2014 deal for when the company first came to the area on the promise of new jobs and major investments in the area.
The long-awaited sum — kept quiet for a month due to a nondisclosure agreement with state officials — will be voted on Thursday by the Nevada Governor’s Office of Economic Development. Tesla projects it will bring in 3,000 jobs at an average rate of $33.49 per hour and invest $3.6 billion into the economy. It will cover health insurance for 91% of its employees, per its application.
Many have attributed Tesla’s presence in northern Nevada to both economic diversification and fast-rising housing costs.
Combined with both its 2014 investment and project expansion where the company received over $1 billion in tax breaks, Tesla is set for over $10 billion in capital investments in northern Nevada between 2014 and 2028, which economic development board director Tom Burns called “ground zero for the energy transition” in a Monday release. The company projected over $750 million in direct and indirect tax revenue from the proposed tax breaks and those approved in 2014.
