States are doing everything they can to attract EV investments, including offering mouth-watering tax breaks. Nevada has revealed it will keep the details of the tax breaks that convinced Tesla to massively expand Giga Nevada under wraps until the end of February.
Tesla announced it would expand its Nevada plant at the cost of $3.6 billion. However, an NDA signed with government officials means the details of the tax breaks it was granted would not be made public until late February.
The economic development office will reveal the tax relief on February 27th, three days until the office votes on whether the expansion work qualifies for the tax breaks. Until then, spokesperson Gregory Bortolin said he could not provide further details, as reported by Times Union.
Tesla will make the Semi truck in high volume and battery cells for up to 2 million light-duty vehicles yearly at the expanded facility. The project will help Tesla reach its goal of 50,000 electric trucks in North America in 2024.
The new addition will create 3,000 jobs for the state, which Gov. Joe Lombardo hopes will help diversify the economy.
“Economic development matters,” Lombardo said last week. “I’m proud to declare that Nevada is back open for business, effective immediately.”
You can watch more details on the expansion project here.
Tesla already enjoys tax breaks in Nevada. According to official figures, it has been spared a tax bill of over $410 million since 2014. The EV maker has invested $6.2 billion in Nevada and created more than 11,000 jobs.
Redwood Materials also got over $100 million in tax breaks for its new battery recycling facility in Nevada.