A Georgia judge rejected an agreement that would have provided a huge property tax break to Rivian Automotive, clouding the upstart electric truck maker’s plans to build a plant east of Atlanta.
what is normally a routine request by a local government to validate a bond agreement, ruling Thursday that the development authority that brought the case hadn’t proved that the $5 billion plant, projected to hire 7,500 people, was “sound, reasonable and feasible” as is required under state law.
By maintaining ownership of the property and leasing it to Rivian, local governments would exempt Rivian from a projected $700 million in property taxes over 25 years, although Rivian has agreed to make $300 million in payments in lieu of taxes during the period. The state also plans to spend $200 million to buy the site and prepare it. Rivian could claim a projected $200 million income tax credit, and $280 million in sales tax breaks on machinery and construction materials. The state also plans to spend $90 million to build a job training center and train workers.
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