Tesla Tax Breaks In Nevada Topped $150M In FY2017
CARSON CITY, Nev. (AP) -- Tesla Motors Inc. enjoyed more than $150 million worth of Nevada tax breaks last fiscal year as part of the deal that brought its giant battery factory to an industrial park east of Sparks.
An annual report produced by the Governor's Office of Economic Development shows most of the money was in the form of tax abatements, nearly $115 million.
The Nevada Appeal reports Tesla also qualified for nearly $37 million in transferable tax credits, which were purchased by Nevada resorts to offset part of their gambling license fees.
Tesla won't have to pay anything back as long as it continues to meet annual goals toward total investment of $3.5 billion over 10 years.
As of Sept. 30, it already had invested $2.6 billion at the "gigafactory," where 1,335 employees now work. Nearly 6,000 construction workers helped build it.
© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
