The state on Monday granted $71.3 million in tax breaks for Honda to build a battery factory in Fayette County, part of $156 million in incentives.
that it plans to spend at least $3.5 billion to build the factory with the South Korean company LG Energy Solution. The factory is expected to employ 2,200 workers when it opens in 2025.
The state's Tax Credit Authority on Monday approved Job Creation Tax Credits worth an estimated $71.3 million for the combined Honda projects. The ultimate value of the tax credits depend on how many jobs are created and the value of the new payroll, which is estimated at $117.6 million a year. Honda is required to keep the facilities in the state for at least 33 years as part of the deal.
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