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

is among a last-minute surge of applicants to leverage an expiring state tax incentive program to build what could be the nation’s first plant producing battery-grade lithium hydroxide, which electric cars require for energy storage purposes.under a state program that would enable the company to potentially avoid millions in property taxes to build the projected $375 million plant on the Gulf Coast in Nueces County.

“We anticipated that there would be some amount of uptick,” Korry Castillo, associate deputy comptroller for the state, told the Texas House Ways and Means Committee. “I will cut to the chase and say it is way more than what we anticipated.”many of those businesses may have landed in Texas without the program, which they say lacks accountability and is burdensome to taxpayers in the state.

Its application states construction could begin by the end of 2022, with an aim to be operational by the end of 2024. No construction contracts have been made and no permits have been obtained, the application said. The company said it is also considering a location in Louisiana for the project. According to an analysis by the Austin American-Statesman, the tax program could save Tesla about $16.2 million in taxes.How it works

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Tesla among surge of companies rushing to take advantage of Texas’ expiring tax incentive programThe Chapter 313 program was designed to draw business to the state, but critics say it lacks accountability and unduly burdens taxpayers. Tesla and other companies hope to take advantage of the tax incentive ahead of the program’s expiration at the end of the year. Lol that's Texas for ya. So more people working good paying jobs is going to hurt our economy? 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.
Source: TexasTribune - 🏆 441. / 53 Read more »

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.
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