Under the agreement, Tesla will not pay sales tax for 20 years. It is also immune to property and other general business taxes for 10 years.<\/p>\n
Once complete, the Tesla Gigafactory, which must carry a minimum capital investment of $3.5 billion per the state contract, will be the world’s largest building in terms of physical footprint with an area consisting of more than 13 million square feet.<\/p>\n
State lawmakers say the $1.3 billion break given to Tesla is a deal for Nevada. Steve Hill, former economic advisor to Gov. Brian Sandoval (R), said during the 2014 compact that the Tesla Gigafactory would generate a $100 billion economic impact over 20 years.<\/p>\n
\nTo put that into perspective, that is more than three percent of the state’s GDP. It is more than 20 percent of the region’s economic output,” Hill detailed. “It will lift up everyone in the region. Property values will go up. The prosperity of the region will be materially changed.”<\/p>\n<\/blockquote>\n
But like any bet in Las Vegas, Tesla comes with plenty of risk. The company has lost more than $5 billion since it was founded in 2003.<\/p>\n","protected":false},"excerpt":{"rendered":"
The multibillion dollar Tesla Gigafactory in Sparks is reportedly benefitting numerous Las Vegas casinos. According to the Los Angeles Times, casino operators such as MGM Resorts have been purchasing unused tax credits provided by the state that wooed the automobile company to build its gigantic lithium-ion battery factory in Nevada. Since Tesla continues to remain […]<\/p>\n","protected":false},"author":25,"featured_media":81786,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\n
Nevada Tesla Battery Plant Selling Tax Credits to Las Vegas Casinos<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n