Elon Musk’s SpaceX wants tax breaks in Bastrop County. The company is seeking a foreign trade zone designation at its production facility, located at 858 Farm to Market Road 1209, the Austin Business Journal reported. The federal designation would allow it to qualify for certain tax exemptions at the site just east of Austin, according to ABJ.
County documents reveal that the Bastrop County Commissioners Court has discussed sending a non-obligation letter of support for the exemption, ABJ reported.
Operating under supervision of U.S. Customs and Border Protection, the foreign trade designation applies to secure areas in or adjacent to CBP ports of entry where merchandise isn't subject to duty or excise taxes. Goods from the zones can be “exported" freely and are exempt from state and local property taxes or tariffs.
