About $65 million in tax breaks are up for a proposed Tesla factory in Texas.
Taking the $50 million incentive Del Valle, TX school district approved along with the Travis County, TX tax rebate of $14.7 million, there’s nearly $65 million in tax breaks up for grabs if Tesla decides to build their Model Y and Cybertruck manufacturing plant in Austin, Texas, estimated to cost $1.1 billion.
Tesla is looking to expand their production volume in the United States. Over the past few years, they have researched several states including Texas and Oklahoma. Currently, American Tesla vehicles are still built at their Fremont, California plant.
If built, this plant will build the Tesla Y and upcoming Tesla Cybertruck along will adding up to 5,000 jobs to the region. On top of that, the infrastructure for supporting a large plat could significantly increase financial growth in the area. The jobs and growth potential point to why Texas is willing to make such concessions.
According to Reuters, Tesla has asked Travis County Texas for an 80% rebate on its property taxes for 10 years, which worth $14.7 million. Tesla also wants a 65% rebate for the next 10 years after that. We’ll provide more updates as Tesla finalizes its plans, as the company continues to secure more tax incentives to build its next U.S. plant. Stay tuned!
In the meantime, check out our latest acquisition: a 2020 Tesla Model Y Performance.
