Governor of Nevada, Brian Sandoval, has signed into a law incentives to bring a Tesla Motors factory to the state. The factory is expected to bring 20,000 jobs and $100 billion to Nevada’s economy in the next 20 years. The factory, which will develop batteries for the electric car brand, will be the largest lithium battery factory in the world and will enable Tesla to market more affordable models of it’s vehicles within three years. The package includes tax credits and other incentives worth up to $1.3 billion.
The deal is projected to reduce the price of batteries for Tesla’s line of cars that cost under $40,000. Diarmiud O’Connel, Tesla’s vice president for business development, says,
We are really excited to get going on this project…It means so much for our mission, which is to catalyze sustainable transportation by creating a mass market for electric vehicles.”
The bill provides Tesla with up to $1.1 billion in tax abatements, allowing the company to pay no property taxes or payroll taxes for up to 10 years, as well as no local sales or use taxes for up to 20. However, the bill also mandates that half the jobs at the factory go to Nevada residents- including the factory itself as well construction jobs. A final aspect of the bill allows Tesla to sell the cars at the company’s own dealerships in Nevada.
As Tesla seeks to make their electric vehicles appealing to a wider market it is apparent that the increasing popularity of what was once a marginal industry will help Americans become more environmentally conscious, as well as create jobs in a growing industry.
Read more here- “Nevada Governor Enacts Tesla Motors’ $1.3B Tax Break Package, Seen as Critical to State Economy,” (The Associated Press, Mass Live)
Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.