Nevada Incentives and Workforce Development Guide

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For a list of Nevada economic development agencies that can help with the site selection process, visit our Online Site Seekers’ Guide.

 

FINANCING

Brownfields Cleanup Revolving Loan Fund: The State of Nevada has developed a program to provide loans to property owners or developers who plan to clean up hazardous materials on sites in the state. 

Catalyst Fund: Nevada recently authorized the use of $13 million in general fund money to spur economic development through corporate expansions and relocations in Nevada. Companies can apply to the state with an eligible economic development project for an allocation of Transferable Tax Credits from the fund.

Industrial Development Bonds (IDBs): IDRB’s are a special tax-exempt form of financing made available by the State of Nevada to finance qualified projects at interest rates substantially below comparable commercial rates. Bonds offer flexible terms at variable and fixed interest rates. 

Nevada Microenterprise Initiative: The Nevada Microenterprise Initiative (NMI) provides business development training and financial investments to small business entrepreneurs.

State Small Business Credit Initiative: The Nevada Microenterprise Initiative (NMI) provides business development training and financial investments to small business entrepreneurs.

Silver State Opportunities Fund: The Nevada Silver State Opportunities Fund (SSOF) manages $50 million of capital dedicated to investing in compelling businesses located in Nevada, looking to expand in Nevada, or seeking to relocate to Nevada.

 

TAX INCENTIVES

Aviation Tax Abatement: Partial abatements from Personal Property and Sales & Use Taxes are available to companies that locate or expand their business in Nevada. The personal property tax abatement can be up to 50% for 20 years on the taxes due on tangible personal property, and the sales & use tax abatement reduces the applicable tax rate to 2% for a similar 20 year period, a near 75% reduction in most jurisdictions. The applying company must hit statutory requirements.

Data Center Abatement: A partial abatement from personal property tax and sales and use tax are available to data center companies that locate or expand their business in Nevada. The personal property tax abatement can be up to 75% of the taxes due for 10 or 20 year abatement periods. Abatements for sales and use tax are for taxes imposed on the purchase of eligible machinery or equipment. The abatement reduces the applicable tax rate to 2% for a period of 10 or 20 years, a near 75% reduction in most jurisdictions. Abatements apply to collocated businesses of the data center. The data center must hit statutory requirements.

Modified Business (Payroll) Tax Abatements: An abatement of 50% from the 1.475% modified business tax on quarterly wages in excess of $50,000 per quarter may be obtained by new and expanding businesses. Statutory requirements include employee-provided health plans, a minimum number of jobs created, capital investment, and average wage. Abatement may be received for up to four years.

Nevada Green Building Partial Property Tax Abatement: The Nevada State Office of Energy offers a 25% to 35% abatement on property taxes from five to 10 years for buildings which meet certain minimum LEED ratings requirements.

Personal Property Tax Abatements: An abatement of 50% on personal property tax is available to new and expanding businesses. Statutory requirements include employee-provided health plans, a minimum number of jobs created, capital investment, and average wage. Abatement may be received for up to 10 years.

Property Tax Abatement for Recycling: Real property tax abatement up to 50% is available to qualified recycling businesses. The business must be in the primary trade of recycling at least 50% of the material or product onsite, or converting the energy derived from recycled material into electricity. Statutory requirements include employee-provided health plans, a minimum number of jobs created, capital investment, and average wage. Abatement may be received for up to 10 years.

Renewable Energy Tax Abatements: The Renewable Energy Tax Abatement program came under the Energy Office¹s jurisdiction in July 2009. The program awards partial sales and use tax and partial property-tax abatements to eligible renewable energy facilities. The Energy Office staff reviews the abatement applications, conducts public hearings to determine eligibility, and reviews annual compliance audits after abatements have been granted. 

Sales and Use Tax Abatement on Machinery & Equipment: An abatement of sales & use tax to 2% (can equal a reduction of up to 6.1%) on eligible capital machinery and equipment is available to new and expanding businesses with operations consistent to Nevada’s state plan for economic diversification and development. Qualifying criteria include a commitment to doing business in Nevada, employee-provided health plans, minimum job creation, capital investment and wage requirements.

 

WORKFORCE DEVELOPMENT

Silver State Works Program: An initiative introduced in July 2011 to encourage employers to train or hire now-unemployed job seekers in the community. The program uses the Nevada Job Connect network to search for available talent, connect businesses with employees, get qualified workers back into the work force and offer financial incentives to employers to hire. Employers have three options for receiving the incentive and the only requirements to participate are a valid business license and a verified paid-to-date unemployment insurance account. The employer can offer training or employment depending on the program that works best for the business.

  1. Employer-based training. In this option, businesses train workers who qualify for unemployment insurance benefits for 24 hours per week up to six weeks at no cost to the employer while the workers continue job hunting. The trainee will continue to receive unemployment benefits and a training allowance of $200 every two weeks, which can include assistance with transportation while they learn new skills or freshen current skills. After the training period, the trainee will receive a certificate of training that would be valuable to their job search or the business may hire them.
  1. Employer incentive job program. In this scenario, employers enter a contract that establishes a wage, a number of hours to master tasks, and a maximum amount of reimbursement based on the wage paid. Employers will be reimbursed up to 50% of the participant¹s initial agreed-upon gross wage for up to 40 hours per week. For this program, you will hire and train the new employees and add them to your payroll. Silver State Works will reimburse you with an incentive check at the end of the training.
  1. Incentive-based employment. This supports employers who hire and retain eligible individuals in full-time employment (30 hours or more per week) by providing a hiring and retention incentive based on the time the qualified individual remains employed. Upon completion and satisfying certain requirements, the employer may receive a wage retention supplement for retaining the employee on average up to $2,000.

Train Employees Now (TEN): Nevada offers a customized job training program to qualified businesses that meet established criteria. This program may be used prior to a plant opening and up to 90 days following.

 

Additional information on these programs can be found at diversifynevada.com.

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