State officials spent Thursday trying to sell lawmakers on a bill that would lure electric carmaker Faraday Future to southern Nevada with more than $200 million in tax incentives. Reno Public Radio’s Julia Ritchey is in Carson City and has more.
Lawmakers spent last night studying two bills aimed at sealing the deal with Faraday, which is planning a $1 billion plant to recession-battered North Las Vegas.
“We are excited about what Faraday brings to Nevada, making a big piece of the puzzle in allowing Nevada to be a global center of clean transportation in the future and completing a whole new industry that is now statewide,” said Steve Hill who directs the Governor's Office of Economic Development.
Hill testified for hours on the specifics of the senate bill, which would provide about $175 million in tax abatements and $38 million in transferable tax credits.
“The incentives and abatements on the programs that we have in this legislation today are key in order to make this deal take place," Hill insisted. "Without them, Faraday would not come.”
Senators peppered Hill with questions on those credits, along with concerns about infrastructure needs and the company's viability, given it has yet to produce a car.
Hill said Faraday would pay taxes into a trust fund until it invests $1 billion at the industrial park where it'll be located. The carmaker expects to meet that benchmark within four to five years, after which it would have access to that pot of money.
Providing water to the site has been another sticking point for lawmakers. A separate bill to address those water rights is expected shortly.