On Wednesday, May 24, the held its annual Las Vegas Perspective event, providing discussions on topics surrounding economic development data, analysis and forecasting for Southern Nevada.
Nevada Incentives Overview
Nevada offers incentives to qualifying relocating or expanding businesses in Southern Nevada. The state offers:
- Sales and Use tax abatement that can reduce the rate to 2 percent
- Modified Business (Payroll) tax abatement of up to 50 percent of the 1.17 percent rate for four years
- Personal property tax abatement of 50 percent for up to 10 years
- Real property tax abatement for recycling of up to 50 percent for 10 years
- Aircraft and aviation partial tax abatement for sales and use tax and personal property tax for up to 20 years
- Data Center partial tax abatement for sales and use personal property tax for up to 20 years
- A variety of training grants for advancing your workforce
- Train Employees Now (TEN)
- Silver State Works Employee Hiring Incentive
Incentives are granted subject to a business meeting two of the following three criteria:
- Job Creation
- Capital Investment
- Average Wages
In Nevada, the Board of Directors of the Governor’s Office of Economic Development oversees the state’s incentive programs, and qualifying businesses must appear for a vote on incentive packages during a public meeting. The LVGEA represents businesses before the board as one of its services.
For in-depth information on Nevada incentives and to learn how to qualify for Nevada incentives, contact us.
Nevada Tax Climate
Offering one of the lowest tax burdens in the nation, Nevada is consistently cited by the likes of Forbes, Inc and Money magazines as having one of the best overall business climates in the nation. Nevada’s tax structure is designed to be less burdensome to both business and its employees. The Tax Foundation rated Nevada as the No. 3 best state for business in 2015. Nevada has…
- NO personal income tax
- NO franchise tax
- NO unitary tax
- NO inventory tax
- NO inheritance tax
- NO estate tax
- Sales Tax (1) – 8.1%
Nevada Catalyst Fund
Created in 2011, Nevada’s Catalyst Fund incentivizes the expansion or relocation of businesses that will quickly result in the creation of high-quality, primary jobs in Nevada. This discretionary fund offers a tool to Regional Development Authorities, like the LVGEA, to close deals with viable companies that will enhance the state’s economic sectors and offer stable jobs with good pay and benefits.
Workforce Training Assistance
Three statewide programs, Train Employees Now (TEN),Silver State Works, and Workforce Connections incentivize workforce training for companies looking to relocate to or expand in the region. LVGEA is your portal to federal Workforce Opportunity and Innovation Act groups like Southern Nevada workforce connections.
In addition, Southern Nevada leverages available federal, state, and nonprofit programs to help businesses find the employees they need today and train the workforce businesses will need tomorrow. (Click here to learn more about our workforce programs.)