Tesla in Line for $15 Million in California Tax Credits
Gov. Jerry Brown’s administration is proposing a $15 million tax credit to electric vehicle-maker Tesla Motors after California lost out in a heated bidding war for the company’s new battery plant.
The Democratic governor’s GO-Biz agency on Monday announced 63 proposed tax credits totaling $49.5 million. The companies promise to create more than 11,000 jobs.
The Tesla credit would offset taxes for the Fremont, Calif.-based company to buy manufacturing, research and development equipment, buy property and hire 4,400 workers.
California lost out last year in a heated bidding war for the company’s $5 billion battery factory.
Brown said then that he didn’t think what Tesla sought would be fair to taxpayers. Nevada won after offering $1.3 billion in tax breaks.
A state board will consider the tax credits June 18.