Nevada has granted Tesla $1.3 billion in tax breaks and other incentives

Nevada has granted Tesla $1.3 billion in tax breaks and other incentives

Nevada Governor Brian Sandoval signed a collection of bills on Thursday that will provide Tesla Motors with around $1.3 billion in tax breaks and other incentives. This is part of Nevada’s deal with the electric car manufacturer to build its massive lithium-ion battery factory in the state.

Shortly after all of the bills were unanimously passed by both of Nevada’s legislative chambers, Governor Sandoval gave a speech at a signing ceremony on Thursday, in which he said that the agreement with Tesla has “changed the trajectory of our state forever”.

“Nevada has announced to the world – not to the country, but to the world – that we are ready to lead,” Governor Sandoval said, to applause.

The governor’s office has estimated that the five million square foot factory will immediately generate 3,000 constructions jobs, 6,500 factory jobs, and 16,000 indirect jobs once the project has been completed. One of the provisions of the deal requires at least half of Tesla’s workers at the factory to be Nevada residents.

The bulk of Nevada’s economy is built around the tourism industry that is centered in Las Vegas. Tesla’s factory will bring some much-needed manufacturing jobs to the state, which will help diversify its economy and, over the next two decades, is expected to bring 20,000 jobs and $100 billion to Nevada’s economy.

“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.

 

Read more about the story at USA Today.

 

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