Nevada board to consider new tax abatements for Tesla
RENO — A state board focused on economic development is set to consider a request for new tax abatements from Tesla following last week’s announcement that the electric automobile company would be building two new factories in Northern Nevada.
The Governor’s Office of Economic Development’s board, which published the agenda Monday in compliance with Nevada law, will consider abatements for sales and use, personal and real property, and modified business taxes during its March 2 meeting.
The agenda’s release comes on the heels of last week’s news that Tesla plans to invest an estimated $3.6 billion in battery and electric semi-truck manufacturing in Northern Nevada. The investment was announced by the electric automaker’s CEO and co-founder Elon Musk during a private event, where he was joined by Gov. Joe Lombardo.
The two new factories are expected to create 3,000 jobs and will expand the company’s already existing presence in the state, which includes the 5.4 million square foot Gigafactory just east of Reno. According to Tesla, the company has invested $6.2 billion in the state since 2014 and employed more than 11,000 workers at the Gigafactory.
Lombardo teased the investment during his State of the State speech last week, just a day before Musk’s event. The Republican governor called the move “an incredible investment” in a Tweet following the event.
It’s not the first time Tesla has received a tax abatement deal from the state. In 2014, then Gov. Brian Sandoval signed a bill approving nearly $1.3 billion in tax incentives over the next 20 years for the company. According to a state report released in 2022, those tax abatements have benefited Tesla more than $410 million.
Greg Bortolin, a spokesman for the economic development office, declined to comment on Monday.
Contact Taylor R. Avery at TAvery@reviewjournal.com. Follow @travery98 on Twitter.