Tax Breaks Approved For Hyperloop Project

koh-no-24-news

$9 million in tax incentives have been granted by Nevada officials to a California company set on testing a high-speed, tube-based transportation system in North Las Vegas. Hyperloop Technologies wants to build its Safety, Test and Development Loop at Apex Industrial Park. The incentives mainly involve reducing the sales tax rate the company will pay on $120 million in capital investments, from about 8 percent to 2 percent. Hyperloop technology aims to use vacuum tubes to transport freight and passengers in pods at up to 750 mph. The project is expected to bring 89 jobs.