« previous next »
Pages: [1]   Go Down

Author Topic: Tesla lands at least $14.7 million in tax breaks to locate Cybertruck factory in Texas  (Read 545 times)

0 Members and 1 Guest are viewing this topic.

Offline Elderberry

  • TBR Contributor
  • *****
  • Posts: 24,410
Tesla lands at least $14.7 million in tax breaks to locate Cybertruck factory in Texas
« on: July 15, 2020, 12:53:48 pm »
Tech Crunch by Kirsten Korosec 7/14/2020

Tesla lands at least $14.7 million in tax breaks to locate Cybertruck factory in Texas

Lawmakers in Texas just gave Tesla and its CEO Elon Musk another incentive to locate its next factory there.

Commissioners in Travis County, home to Austin and the possible next Tesla factory, approved Tuesday property tax breaks worth at least $14.7 million — and potentially more — over 10 years. The incentives are on top of $46.6 million in property tax abatement that the Del Valle School District Board approved earlier this month.

News of the approval pushed Tesla shares 3.5% higher in after-hours trading.

The agreement, which the Austin Statesman first reported, is the latest carrot dangled in front of Tesla in hopes of landing the automaker’s next factory, which is slated to assemble the all-electric Cybertruck and the Model Y for the East Coast market.

There are, of course, conditions to such an arrangement.

Under terms of the agreement with Travis County, Tesla must invest $1.1 billion in the new factory within the first five years. In exchange, Travis County will rebate 70% of the property taxes Tesla will pay. Once Tesla’s investment in the factory eclipses that $1.1 billion mark, the property taxes rebates will increase to 75%. Any investments in the factory beyond $2 billion, will give Tesla 80% in property tax rebates.

More: https://techcrunch.com/2020/07/14/tesla-lands-another-tax-break-to-locate-cybertruck-factory-in-texas/
Logged

Offline EdinVA

  • Hero Member
  • *****
  • Posts: 8,584
  • Gender: Male
Re: Tesla lands at least $14.7 million in tax breaks to locate Cybertruck factory in Texas
« Reply #1 on: July 15, 2020, 01:15:59 pm »
So everyone else gets a tax hike
Logged

Offline catfish1957

  • Laken Riley.... Say her Name. And to every past and future democrat voter- Her blood is on your hands too!!!
  • Political Researcher
  • *****
  • Posts: 31,463
  • Gender: Male
Re: Tesla lands at least $14.7 million in tax breaks to locate Cybertruck factory in Texas
« Reply #2 on: July 15, 2020, 01:30:24 pm »
Quote from: EdinVA on July 15, 2020, 01:15:59 pm
So everyone else gets a tax hike

I can't express how pissed I am that Musk has brought his government subsidized shit show to my own back yard. 

Texas means oil, gasoline, and petrochemicals.  This is akin to letting your enemy inside the gates of the fortress.  Of course, I expected no less from Travis County.
Logged
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline IsailedawayfromFR

  • Hero Member
  • *****
  • Posts: 18,746
Re: Tesla lands at least $14.7 million in tax breaks to locate Cybertruck factory in Texas
« Reply #3 on: July 17, 2020, 01:19:13 am »
Toyota located its truck factory in Texas as Texans buy trucks. 

Does anyone remotely believe Texans will buy this truck?
Logged
No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington

Offline Idiot

  • Hero Member
  • *****
  • Posts: 5,631
Re: Tesla lands at least $14.7 million in tax breaks to locate Cybertruck factory in Texas
« Reply #4 on: July 17, 2020, 03:06:02 am »
Quote from: IsailedawayfromFR on July 17, 2020, 01:19:13 am
Toyota located its truck factory in Texas as Texans buy trucks. 

Does anyone remotely believe Texans will buy this truck?

Heck noooo!
Logged

Offline catfish1957

  • Laken Riley.... Say her Name. And to every past and future democrat voter- Her blood is on your hands too!!!
  • Political Researcher
  • *****
  • Posts: 31,463
  • Gender: Male
Re: Tesla lands at least $14.7 million in tax breaks to locate Cybertruck factory in Texas
« Reply #5 on: July 17, 2020, 03:30:48 am »
Quote from: mrpotatohead on July 17, 2020, 03:06:02 am
Heck noooo!

Texans really don't need any Flux Capacitors in their Trucks...
Logged
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline DB

  • Hero Member
  • *****
  • Posts: 13,219
Re: Tesla lands at least $14.7 million in tax breaks to locate Cybertruck factory in Texas
« Reply #6 on: July 17, 2020, 04:00:34 am »
Quote from: EdinVA on July 15, 2020, 01:15:59 pm
So everyone else gets a tax hike

Musk is pretty good at leveraging government so that if his gamble works out he wins and if it fails the taxpayers lose.

A pretty good racket if you can get into it...
Logged
Pages: [1]   Go Up
« previous next »