Nevada Credits and Incentives

As we’ve mentioned before, our Georgia clients frequently ask us to investigate potential credits and incentives in other states where they have operations, potential acquisitions, or strong relationships with customers or vendors. In addition, private equity groups ask us about potential $$ for their portfolio companies.
We were recently asked about credits and incentives in Nevada, so we spoke with economic development professionals in Carson City.  Also see Nevada’s economic development site (click here).
Nevada has no corporate or personal income taxes, so they can’t offer income tax credits!  Otherwise, Nevada offers a meager selection of incentives for new and existing businesses.  CNBC ranked Nevada #39 in their 2017 America’s Top States for Business survey (Georgia was #2 in the same survey).  Nevada’s worst categories were Education (No. 50) and Technology/Innovation (No. 50).
Incentives include:
    • Sales and use tax abatement on qualified capital equipment purchases, with reductions in the rate to as low as 2%.
    • Modified Business Tax abatement of 50 percent of the 1.475% rate on quarterly wages exceeding $50,000
    • Personal Property Tax abatement not to exceed 50% over a maximum of 10 years.
    • Silver State Works Employee Hiring Incentive

Compared to Georgia, Nevada has:

    • 0.0% corporate and 0.0% personal income tax rates!
    • Much lower combined state and local tax burden
    • far narrower range of incentives
    • Pre-approval required for all incentives
To summarize, Nevada is far below average for business tax incentives,but if you like a dry desert climate, with lots of other attractions, you may hit the jackpot!