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  /  Tech   /  Daily-Briefs   /  Austin, Texas Races For Tesla Gigafactory With $65 Million Tax Break
Tesla gigafactory tax break

Austin, Texas Races For Tesla Gigafactory With $65 Million Tax Break

Travis County, Austin, Texas is putting itself in pole position to be home to a new Tesla gigafactory after it approved a tax break worth $14.7 million.

 

The new gigafactory will assemble the electric vehicle maker’s Cybertrucks. CEO, Elon Musk has also said that the facility will produce its Model Y for the East Coast.

 

Besides the $14.7 million, Austin’s Del Valle school district also approved another $50 million in tax breaks for Tesla, according to Reuters. The $50 million will cut the EV maker out of funding local schools. In total, Austin is offering Tesla a tax break of about $65 million, should it select the region.

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The facility will reportedly generate about 5,000 jobs. Tesla says the average annual salary for workers at the facility would be around $47,000. The county’s health and human services division, however, considers the income as low. Austin is not the only county trying to attract the company, Tulsa, Oklahoma is reportedly in the running to host the factory.

 

Although Tusla has not made any tax break or incentive public, the city has been actively trying to woo the company. The city promised to buy a fleet of the Cybertrucks to use as police vehicles.

 

Tesla has said it plans to begin building the facility as soon as the third quarter of 2020. The company had also previously asked Travis County for an 80% rebate on its property taxes for 10 years, worth $14.7 million, as well as a 65% rebate for the next 10 years after that. It seems that all is set given this recent decision.

 

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