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Tesla Motors will receive $1.3 billion in tax incentives for building its battery factory in Nevada

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It's been almost a year since Tesla first confirmed its plans to build a battery-producing "gigafactory," and just over a week since the company revealed it would build that factory in Nevada rather than its home state of California. Reuters has details on why: the company is reportedly receiving some $1.3 billion in tax incentives over the next 20 years to bring its gigafactory to the state. Nevada governor Brian Sandoval signed bills on Thursday that tax exeptions for 20 years worth approximately $725 million dollars. Additionally, the company would save an estimated $300 million on payroll and others taxes through 2024.

It's a good reason for Tesla to look to Nevada, and it should be beneficial for the state's economy, which was hard-hit by mortgage-related economic issues late last decade and has yet to really recover fully. Sandoval said the deal had "changed the trajectory of our state forever" and also said that "Nevada has announced to the world  — not to the country, but to the world — that we are ready to lead." The deal is expected to generate 3,000 construction jobs immediately, as well as 6,500 factory jobs once it is up and running.

As part of the deal, half of the workers at Tesla's factory will have to be Nevada residents, though there are waivers to get around that to some extent. The factory is planned to be built 20 miles east of Reno, not terribly far from the California state border. It appears there's no projected date yet for when the factory will be operational,