SANTA FE – A group of Albuquerque Democrats, including 12 state legislators, is sounding a warning about granting overly generous tax subsidies in New Mexico’s bid to bring a massive electric car battery plant to the state.
In a letter sent to the Journal, the Democratic elected officials say any legislative package crafted to help lure electric car manufacturer Tesla to New Mexico – one of four states vying for the $5 billion facility – should not rely solely on tax breaks.
“We cannot afford to give up so much future tax revenue to Tesla that we continue to impoverish our schools and our infrastructure,” the letter states. “And we can’t cause everyone else’s taxes to go up.”
While the letter describes Tesla as a cutting-edge carmaker that could have a positive impact on New Mexico’s economy, it argues the state has lost money in previous “trophy” deals with out-of-state corporations.
Support your local Albuquerque Journal & Dan Boyd SUBSCRIBE NOW cancel anytime