Tesla among surge of companies rushing to take advantage of Texas’ expiring tax incentive program

Sign up for The BriefThe Austin-based electric car company Tesla wants to leverage an expiring state tax incentive program to build what could be the nation’s first plant that produces battery-grade lithium hydroxide, which electric cars require for energy storage purposes. Tesla applied for a tax break under a state program that would enable the company to potentially avoid millions in property taxes to build the projected $375 million plant in Nueces County.

The impending end of Chapter 313 has touched off a rush of applicants, state officials testified at a legislative hearing this week, as the state’s energy and manufacturing companies try to lock in massive property tax breaks before time runs out. Tesla hopes to build the lithium hydroxide refinery amid increasing demand for electric vehicles that has caused the lithium market to surge. Between June 2021 and June 2022, the price of the lightweight metal increased more than sixfold, according toTesla CEO Elon Musk has publicly expressed interest in the lithium market, referring to the processing business of the rare metal as a “license to print money”in July.

“In the case of the investment on this proposed project in Texas, the decision will be based on a number of commercial and financial considerations, including the ability to obtain relief regarding local property taxes,” Tesla’s application said., the tax program could save Tesla about $16.2 million in taxes.

Why don’t right-wingers complain about taxpayers footing these bills?

Those taxpayers will be people that work at Tesla and not-so-much Elon Musk

9_tellthetruth Well that was always the purpose of the law wasn’t it? No accountability, no problems to report. Burden taxpayers maybe but who cares? Either way they say it was an accomplishment.

Texas is piping it’s citizens down and helping corporations 🍆

'Lawmakers are discussing ways to revive some form of it during the next legislative session, starting in January.' I am not sure the current agenda of fellating Donald Trump will be as popular with the incoming Governor, Lt Governor and Attorney General 🙄

While billionaire owners of corporations get tax breaks they don't need, the workers in Texas will be paying some of the highest property taxes in the nation.

Lol that's Texas for ya.

So more people working good paying jobs is going to hurt our economy?

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Tesla eyes Texas Gulf Coast site for new lithium refinery - Dallas Business JournalObtaining tax relief is a determining factor for Tesla to develop the project on the Texas Gulf Coast, the company said.
La source: DallasBizNews - 🏆 525. / 51 Lire la suite »

Texas exists on an energy island. In the 1970s, one company tried to force a change.On May 4, 1976, a power company based in Texas sent electricity from a substation in Vernon, Texas, to Altus, Oklahoma. By doing so, they were breaking a deal among power companies in Texas to keep electricity within state borders. This explains a lot about what happened in TX and the history behind it. I hope they wake up and join the United States in energy use. I believe we should keep it the way it is but with some improvements.
La source: KUT - 🏆 77. / 68 Lire la suite »