Tesla Receives $60 Million in Tax Breaks During Construction of its $1 Billion Texas Factory

Tesla has officially chosen Austin, Texas as the site of its newest factory with hopes to have a Model Y production line finished by the end of this year. In addition, the company wants to build a four-to-five million square-foot manufacturing facility where it can produce its electric Cybertruck alongside the Model Y SUV. The new plant will employ around 5,000 workers averaging a salary of $47,147 according to the Austin Business Journal. Elon Musk has also stated that this will not just be an electric car factory but and “ecological paradise.”

Now Travis County has approved at least $14.7 million in tax breaks for the California based company to build potentially its biggest factory in America. According to CNBC, the company has not yet bough the plot of land that the factory will be developed on but has closed on it for $5 million.

Tesla was previously approved for $46.4 million in property tax breaks thanks to the local school district, putting its grand total at over $60 million in incentives allowing the company to move one step closer to building its $1.1 billion Texas factory. 

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