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Tesla Getting $300 Million+ Tax Break from California for New Facility

Electric car maker Tesla Motors will get a state tax break on $320 million worth of equipment under a new incentive agreement with the state of California, freeing up capital to ensure that the company will set up its new sedan production facility in the Golden State and creating the potential for 1,400 new jobs. Reuters reports that the state will temporarily hold title on the equipment to be purchased by the company, allowing Tesla to save more than 9 percent of the total cost. Tesla will use $238 million to locate the facility, which will produce the company's Model S electric sedan; no location has yet been determined for the site, but Reuters says potential locations are in the Los Angeles area. Another $59 million will be spent to upgrade Tesla's Palo Alto powertrain production facility. Earlier this year, Tesla was approved for approximately $465 million in low-interest loans from the U.S. Department of Energy.

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