(County Board of Supervisors approve incentives)...County of Imperial Lithium Incentives Program.

They were approved and adopted this week. The purpose is to increase economic investments into Imperial County, expand employment opportunities for residents, increase renewable energy availability, and provide the raw materials needed to build additional electric vehicles. There are three incentives that geothermal/lithium producers would be eligible for through individual negotiated Development agreements. Tey include; participation in the Capital Improvement Program, which through State Law essentially allows for a 75% reduction in property taxes paid for investments within certain North American Industry Classification System Codes for investments of $150 million or more; Lithium Tax Rebate to Lithium Producers, which both produce and sell lithium to business entities located in Imperial County that manufacture a finished product, such as batterys. The lithium tax rebate is $50 per metric ton; and, Lithium Tax Rebate to Lithium users who purchase lithium from an Imperial County based producer and utilize the lithium to create a finished product, such as batterys. The lithium tax rebate is $50 per metric ton. Each of the 3 incentives have permanent job production requirements and are all contingent upon the lithium tax contained in SB 125 being in place, active and applicable at the levels identified in the bill. More details are available at LithiumValley.ImperialCounty.org.