Tesla's Tax Boost To Create Jobs
1,400 hires thanks to tax credit
By SCOTT BUDMAN
Updated 4:43 PM PST, Wed, Oct 28, 2009
Electric car maker Tesla Motors just got a new charge.
According to State Treasurer Bill Lockyer, a new California tax incentive will help the car startup stay in the state, expand its new Palo Alto headquarters, and even hire as many as 1,400 people. An agreement was recently reached between Tesla and the California Alternative Energy and Advanced Transportation Financing Authority. It's an agreement Lockyer calls "a critical weapon in our fight against climate change."
Tesla made lots of Silicon Valley residents happy recently, by announcing that it will stay in the Bay Area, moving into a building in Palo Alto, formerly occupied by Agilent Technologies. In an interview with NBC Bay Area, a Tesla co-founder said the company is growing, and looking to hire. This latest agreement shows that Tesla is apparently ready to deal.
Under the new deal, Tesla gets a tax break, and 1,400 Californians have a shot at new jobs. Says Lockyer, "By helping Tesla stay and expand in California, this agreement will create valuable jobs for our battered economy." It will also likely give the Green Tech movement a jolt.
First Published: Oct 28, 2009 3:55 PM PST
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