Calling it one of the most important pieces of legislation in Nevada history, Gov. Brian Sandoval signed into law an unprecedented package of incentives to seal a deal to bring Tesla Motors' $5 billion battery factory to the Silver State.
The "gigafactory" is expected to bring more than 20,000 jobs and $100 billion to Nevada's economy over the next 20 years. It will be the biggest lithium battery factory in the world and is critical to the electric car-maker's plans to begin mass marketing a more affordable line of the vehicles within three years.
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One lawmaker said it was the most important development in Nevada since the construction of the Hoover Dam southeast of Las Vegas during the Great Depression
"It doesn't get any bigger than this," Sandoval said as he put his signature to four bills late Thursday night, shortly after the state Legislature unanimously approved the package that includes tax credits and other incentives worth up to $1.3 billion.