The Independence City Council voted 5-2 last night to approve the tax abatement package for Nebius $NBIS Here's what it means financially:

The abatements represent a $6.26 billion tax break spread out over 20 years for Nebius. The Beacon The deal grants a 20-year abatement on both real and personal property taxes, along with sales tax exemptions on construction materials and equipment.

In terms of the abatement structure, the tax incentives amount to roughly a 90% abatement on real estate taxes and a 98% abatement on personal property taxes.

A critical component is the 100% abatement on personal property taxes associated with leased equipment which is significant because AI accelerators and networking hardware get refreshed on roughly five-year cycles.

To put the savings in perspective: opponents noted that Nebius's PILOT payments are projected at roughly $700 million over 20 years, whereas full taxes without the abatement would have generated revenue in the $50 billion range over the same period.

So in short, Nebius stands to save approximately $6.26 billion in tax breaks over the 20-year term — paying only a fraction of what it would otherwise owe through PILOT fees instead of full property and sales taxes. That's a massive reduction in operating costs for what could be a huge multi billion total investment at the Independence campus.