Tesla has been granted a $330,250,366 million tax credit by the Nevada Governor's Office of Economic Development (GOED).
The state assembly approved the waiver given Tesla's plans to invest $3.6 billion to expand its Nevada Gigafactory in Story County.
The Board of Directors of the Office of Economic Development (GOED) has calculated that Tesla's $3.6 billion capital investment in the Giga Nevada could generate an estimated $685 million in net state and local revenue in the next 20 years.
Listed below are the taxes Tesla could generate, assuming it invests all $3.6 billion in land, buildings, and equipment for a Giga Nevada.
- Up to $21.8 million in total average annual property tax revenue.
- $11.2 million in total average annual sales taxes.
- $1.1 million in annual average commercial license taxes on utilities.
- $2.1 million in total adjusted average annual business taxes.
Tesla is scheduled to pay at least $53 million annually in adjusted real estate, personal, and business taxes related to Giga Nevada starting July 1, 2024, and thereafter.
The $53 million in taxes was part of Tesla's first tax-cut agreement with the state in 2014.
“Tesla has far exceeded every promise they've made since 2014,” said Gov. Joe Lombardo, who chairs the GOED Bureau of Economic Development board. “To date, they've invested $6.2 billion in Nevada, creating a 5.4-million-square-foot Gigafactory that has created 17,000 jobs.” building locality and creating more than 11,000 permanent, high-paying jobs.