Business & Economy

Tesla in line for $15 million in California tax credits

Elon Musk, CEO of Tesla, unveils the dual engine chassis of the new Tesla 'D' model at the Hawthorne Airport October 2014.
Elon Musk, CEO of Tesla, unveils the dual engine chassis of the new Tesla 'D' model at the Hawthorne Airport October 2014.
Kevork Djansezian/Getty Images

Gov. Jerry Brown's administration is proposing a $15 million tax credit to electric vehicle-maker Tesla Motors after California lost out in a heated bidding war for the company's new battery plant.

The Democratic governor's GO-Biz agency on Monday announced 63 proposed tax credits totaling $49.5 million. The companies promise to create more than 11,000 jobs.

The Tesla credit would offset taxes for the Fremont-based company to buy manufacturing, research and development equipment, buy property and hire 4,400 workers.

California lost out last year in a heated bidding war for the company's $5 billion battery factory. Brown said then that he didn't think what Tesla sought would be fair to taxpayers. Nevada won after offering $1.3 billion in tax breaks.

A state board will consider the tax credits June 18.