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Tesla passes its state audit for the Gigafactory, earns $9.6 million in tax credits

Gigafactory sept 2015

An audit of the Tesla’s job creation and value of its investment was due on Oct. 1, but Tesla asked for an extension and now the report was finally made available during the holidays.

Independent auditors concluded Tesla met all conditions for the first eight months after lawmakers approved the incentive package (Oct. 17, 2014, through June 30)

For those eight months, Tesla earned $9.6 million in transferable tax credits for a capital investment of $186 million during the period.

The Review Journal explains the calculation:

Tesla is allowed tax credits equal to 5 percent of the first $1 billion invested in the state, and 2.8 percent on the next $2.5 billion. Tesla’s capital investment for the period was $186 million, making it eligible for $9.3 million in tax credits.

The remaining $300,000 was acquired through employee tax credit for the period. Grant Thornton, in its report, said the project has hired 24 employees and 16 are Nevada residents, which complies to the state requirement of 50% of the employees being Nevada residents.

Again the report for the project is through June 30, another more recent report states that 82 permanent employees are now working at the Tesla Gigafactory.


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