Nevada OKs $9 Million Tax Break For Elon Musk's Hyperloop Test Track
LAS VEGAS (CBS/AP) -- Elon Musk's futuristic supersonic SF-LA travel dream just got a multi-million dollar shot in the arm from Nevada officials.
Nevada lawmakers authorized $9 million in tax incentives to a California company set on testing a super high-speed, tube-based transportation system in North Las Vegas.
Nevada's economic development board reviewed an application Friday from Hyperloop Technologies, which wants to build its Safety, Test and Development Loop at Apex Industrial Park. The project is expected to bring 89 jobs and comes as the company is already building a smaller test track there.
The incentives mainly involve reducing the sales tax rate the company will pay on $120 million in capital investments, from about 8 percent to 2 percent.
Hyperloop technology aims to use vacuum tubes to transport freight and passengers in pods at up to 750 mph. Several companies are working to make the idea reality.
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