State and Tesla agree on incentives

Published 08/04 2015 04:25AM

Updated 08/04 2015 04:25AM

Copyright 2015 Cable News Network/Turner Broadcasting System, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

State officials have agreed to a final incentive agreement for a $5 billion lithium-ion battery plant being built in Nevada by Tesla Motors.

The Reno Gazette Journal reports the $1.3 billion agreement allows the electric car company to apply for refunds for certain local tax payments, with the first request covering payments made from Oct. 17 to Dec. 17.

One of the state's stipulations in the agreement says Tesla must employ at least half its construction workers from Nevada. About 73 percent of the workers hired at the site so far have been in-state residents.

Tesla has invested $183 million in the plant, and the company expects to employ 6,500 people upon the facility's completion.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


comments powered by Disqus