Nevada Treasurer Wants Audits of Faraday Future’s And Tesla’s Tax Credits

Nevada State Treasurer Dan Schwartz has been an outspoken critic of Faraday Future and has just announced an audit of the Governor’s Office of Economic Development.

According to This Is Reno, Schwartz is particularly interested in receiving more information about the tax credits and financial assistance that Faraday Future and Tesla have received from Nevada taxpayers.

Both electric automakers have received substantial tax credits to build factories in the state of Nevada and just last year, it emerged that Tesla had sold $20 million in transferable tax credits to the MGM Grand for gaming license fees.

As part of Tesla’s deal with the state of Nevada, it has to maintain a workforce with at least 50 per cent Nevada employees at its Gigafactory while also investing $3.5 billion into the site.

In a statement, Schwartz said “The audit will look into job creation data, amount of money invested in the state by everyone involved with the projects, the process that GOED used to qualify the project, and the rationale for what related documentation is deemed ‘confidential’. It is my hope that this audit provides greater transparency for these large scale projects.”

Late last year, Schwartz revealed that Faraday Future had been approved $335 million in tax credits without state officials having any knowledge about the company’s financial position.