SACRAMENTO – An economic development agency chaired by State Treasurer John Chiang on Tuesday approved nearly $40 million worth of sales tax exclusions for California’s leading electric vehicle maker and a fast-growing space satellite manufacturer.
The action by the California Alternative Energy & Advanced Transportation Financing Authority underscores the Treasurer’s commitment to provide significant financial incentives to cutting-edge companies, such as Palo Alto-based Tesla Motors Inc. and Millennium Space Systems Inc. of El Segundo.
The financial assistance program, which frees companies from paying sales-and-use tax on some purchases, is positioning California to reap an employment bonanza by luring both start-up and mature car and aerospace companies back to the state, said Chiang.
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