The Nevada Assembly has unanimously approved the first of four bills that make up a package of up to $1.3 billion in tax breaks and incentives the Legislature is considering to seal a deal to bring Tesla Motors' $5 billion battery factory to Nevada.
After just two minutes of debate, the Assembly voted 39-0 Thursday and sent to the Senate a bill that would end a $125 million annual tax break for insurance companies that locate their home offices in Nevada.
Democratic Assemblywoman Maggie Carlton of Las Vegas said only 1 percent of the 1,200 insurance companies in Nevada benefit from the current law.
The money would be used to help pay for up to $195 million in tax credits for Tesla to build the "gigafactory" at an industrial park east of Sparks.
Citation:
First bill in Tesla deal sails through Assembly (2014, September 11)
retrieved 21 September 2024
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