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Texas County Lures Tesla With $15 Million Tax Breaks

Travis County in Texas voted on Tuesday to give Tesla at least US$14.7 million in tax breaks if it chooses to build its new Gigafactory near Austin, taking another step toward luring the EV maker to Texas.

The Travis County Commissioners Court voted 4-0 on the deal, with one abstention, The Street reported.

Earlier this month, the Valle Independent School District approved around US$46.4 million in property tax breaks to Tesla for the site of the potential factory.

Elon Musk has said that the EV manufacturer is considering several options for the new plant.

The new Gigafactory is expected to host the manufacturing of the Cybertruck, among other vehicles.

Tesla is considering buying a property near Austin, Texas, for the possible construction of a new electric vehicle manufacturing plant, an application to the Texas Comptroller’s Office showed last month. 

“Tesla Inc is evaluating the possible development, design, and construction of a high-tech electric vehicle manufacturing plant in Travis County within the Austin Green property located at the intersection of SH130 and Harold Green Road,” the EV maker said, noting that if the sale goes through and all required approvals are obtained, construction could begin in the third quarter of 2020.

If the new EV manufacturing plant is built in Texas, it would create 5,000 jobs in the state, Tesla said in its application.

“Tesla has an option to purchase this land, but has not exercised it,” Musk tweeted in June, replying to a news story reporting that it had already acquired the property in Travis County.

Asked if Tulsa, Oklahoma, is also in the mix, Musk said that “We are considering several options.”

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If Tesla were to pick Austin for the next factory, it could save more than US$68 million on property taxes during the next decade, the Austin American-Statesman reported last month.

By Tsvetana Paraskova for Oilprice.com

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