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Elon Musk could save billions in taxes if Tesla moves its headquarters

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Elon Musk could save billions of dollars in taxes over time if he moves his company and his home to Nevada or Texas, according to tax accountants.

Musk, who is embroiled in a battle with the state of California and Alameda County over his efforts to reopen Tesla‘s factory, tweeted threats over the weekend to move the company to Nevada or Texas.

“This is the final straw,” Musk tweeted. “Tesla will move its HQ and future programs to Texas/Nevada immediately.”

If Musk moved his primary residence from California, which has the highest income tax rate in the country, he could save hundreds of millions of dollars, if not billions, in income taxes in the coming years. Texas and Nevada have no…



Source cnbc.com

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