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Tesla Starts Tapping Into Tax Credits for Battery Factory

LAS VEGAS (AP) — Electric carmaker Tesla has received and sold about $20 million in transferrable Nevada tax credits in some of its first moves to tap into an incentive package that lured its battery factory to the state.

Tesla confirmed Monday that it sold the credits to casino company MGM in an arrangement first reported by the online news source This is Reno.

The tax abatements are part of a $1.3 billion incentive package that state lawmakers unanimously approved in 2014.

State officials grant the credits in phases as Tesla meets benchmarks on its $5 billion factory project in northern Nevada.

Supporters praise Tesla for diversifying Nevada’s economy, though critics of the incentive package say local governments could suffer as Nevada forgoes some tax revenue but must provide more services to accommodate growth.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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