Nevada: New Business Is Welcome, New Taxes Are Not

There are no personal income taxes, corporate taxes or an inventory tax in Nevada—just a pro-business climate that is attracting a bevy of new jobs.


https://businessfacilities.com/2018/07/nevada-new-business-welcome-new-taxes-are-not/
There are no personal income taxes, corporate taxes or an inventory tax in Nevada—just a pro-business climate that is attracting a bevy of new jobs.
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Nevada: New Business Is Welcome, New Taxes Are Not

There are no personal income taxes, corporate taxes or an inventory tax in Nevada—just a pro-business climate that is attracting a bevy of new jobs.

Nevada: New Business Is Welcome, New Taxes Are Not

By the BF Staff
From the May/June 2018 Issue

Southern Nevada is a region on the rise, and companies who can go anywhere else are choosing to be in the center of this vibrant economy.

Nevada
Kimley-Horn is providing civil, traffic and landscape architecture
engineering services for the Genting Group’s $3 billion Resorts World
casino, hotel and entertainment complex (rendering above) on the
Las Vegas Strip. (Photo: Kimley-Horn.com)

As the regional development authority of Southern Nevada, the Las Vegas Global Economic Alliance (LVGEA) plays a vital role in growing the market through connectivity, community development and aggressive business recruitment, retention and outreach, in order to help businesses realize the value of the region.

With one of the most affordable business climates in the U.S., Southern Nevada offers advantages unlike anywhere else. Located in Nevada, where there is no personal income tax, no corporate tax and no inventory tax, companies are able to keep their operation costs low. With its tax structure and economic incentives program, Nevada is widely recognized as one of the most pro-business states in the country. It also ranks #1 in the American Dream Index (Forbes) and #1 in Growth Potential (Business Facilities).

Southern Nevada is strategically located within a day’s drive from 60 million consumers. With one-day rail routes to Salt Lake City and Los Angeles, it offers an ideal distribution point in the southwest United States. As the 2nd-busiest origin and destination airport, McCarran International Airport offers direct access to 153 markets around the world as well as some of the lowest corporate annual travel costs in the country. The region also ranks #1 in transportation systems, with its quality bridges, roads and low commute times (U.S. World News & Reports).

The Las Vegas tourism economy attracts 43 million visitors annually, making it one of the most globally connected cities in the U.S. Not only is it the best place to visit, but as the #1 trade show destination, it is the ideal place to meet and do business.

Because of the high quality of life and low cost of living, more people are also making the move to Las Vegas.

Currently with 2.2 million residents, this number is projected to grow to 2.7 million by 2025. Southern Nevadans not only have the world-famous Las Vegas Strip in their backyards, but they have the advantage of being within driving distance of unique recreation activities and national parks like Mt. Charleston, Lake Mead and the Grand Canyon.

As the third-fastest growing metropolitan area in the U.S., the community is preparing for a rapidly growing population and providing the next generation with the skills they need to be a part of a successful workforce. The Clark County School District graduates students from some of the best magnet schools and career and technical academies in the country. And the University of Nevada, Las Vegas—ranked as the #1 most diverse university—also features the top hospitality program in the world.

Billions of dollars in regional investments are being made, with projects in the works including Resorts World, the Convention Center expansion and the NFL stadium. The “Vegas Strong” pride of the community is louder than ever, amplified by the emergence of new professional sports teams like the Vegas Golden Knights (NHL), Las Vegas Lights FC (USL), the Las Vegas Aces (WNBA) and the Las Vegas Raiders (NFL).

It is truly an exciting time to be in Southern Nevada.

Since being at the bottom of the list just six years ago, Nevada has now become the top jobs producing state in the nation. As employment is at an all-time high, wages and income are also rising. The region has come a long way since the Great Recession, and it is now stronger and more diverse.

Since 2012, the LVGEA, with the help of regional and state partners, has helped to support more than 20,000 jobs for Southern NV. In 2017 alone, the organization helped businesses create over 5,700 new jobs in Southern Nevada, which are projected to deliver $917 million in annual economic impact. This includes the expansion of notable companies like Aristocrat, P3 Health Partners, Sunshine Minting, Xtreme Manufacturing and many more.

Last year, the LVGEA identified manufacturing as a top target industry. With development-ready land, industrial capabilities and regional connectivity, the manufacturing sector exploded in 2017 a trend set to continue in 2018.

Overall, the return on investment on economic development in the region is rising—with every dollar invested in economic development delivering nearly $100 in economic impact.

The LVGEA is fostering key partnerships within the community and investing in strategies that advance regional growth strategies. The organization continues to be at the forefront of economic development efforts in the region, ensuring that business have the resources and support they need to thrive and working hard to create a more prosperous, diverse and connected economy for its residents. To learn more about LVGEA, visit lvgea.org.

NEW-AGE PIONEERS FLOCK TO HENDERSON

In the City of Henderson, wide open affordable spaces, proximity to resources, quality of life and some of the most attractive economic development offerings in the country greet today’s new-age pioneers. Entrepreneurs and owners of businesses small and big alike, are relocating to the thriving City (the second-largest in Nevada) and claiming a stake next to businesses who have been privy to the city’s offerings for decades.

Nevada
Xtreme relocates to new corporate headquarters in Henderson, NV. (Photo: Wikipedia)

Henderson has been ranked as one of the best places in the United States to start a business. With a thriving economy, supportive business infrastructure and expansive lifestyle offerings, it’s not hard to see why. The City first emerged in the 1940s during World War II with the building of the Basic Magnesium Plant. Henderson quickly became a main supplier of magnesium in the United States. Now, the City is more likely to be associated with the outflow of blue jeans, high-powered energy solutions and one of the best healthcare institutions in the nation—products of The City’s successful evolution as it has come into its own.

In recent years, the Henderson business community and government have worked together to support businesses from inception through maturity, easing business development, expansion and relocation. Incubation starts at the likes of newly opened coworking spaces like Co-operate on Water and the Incubator Space. As a result, The City is experiencing a resurgence in healthcare and life sciences, advanced manufacturing and logistics, global finance and technology.

A company only grows as fast as the environment that supports it. Folks new to Henderson find a supportive business environment including an engaged Chamber of Commerce and dedicated Economic Development City Staff. The City of Henderson renewed its dedication to moving at the speed of business in May of 2018 when The City’s The Economic Development Division revealed a new logo and brand, developed to recognize the City’s expanding focus and investment in economic development.

Companies located in Henderson enjoy some of the most advantageous financial benefits in the country. Nevada itself has become a hotbed of activity, much in part due to factors like Nevada’s lower rate tax structure (Nevada has no corporate/personal income tax, unitary taxes, franchise tax on Income, inventory/inheritance estate/gift taxes or admissions/chain store taxes.) and numerous state incentive programs. Both the state and Henderson provide a number of incentive programs. On top of all this, Henderson’s property tax is the lowest compared against all other large metropolitan areas in Nevada.

Additionally, proximity to Las Vegas, Los Angeles and access to major domestic and international markets across the world enable companies to conduct global business with Henderson at the center of operations.

These offerings are creating buy-in from prominent players, like Levi Strauss and Ocean Spray—time-tested brands that have known the secret of Henderson for years. New entrants, like the National Football League’s Raiders are investing millions into developing the vast amount of land available in Henderson. Homegrown companies like K2 Energy, started in the City’s business resource center are experiencing unprecedented global success.

Make no mistake, any local will tell you The City of Henderson is not Las Vegas. Henderson’s quality of life and recreation offerings set it far apart from the neon lights that often attract tourists to the Strip. The City is ranked as the second safest city in the United States by Forbes, and it boasts of the highest quality K-12 program in the state of Nevada.

Over 180 miles of hiking trails run through Henderson and trace the gentle sloping desert mountains. With Lake Las Vegas and Lake Mead located nearby, water recreation is abound. And for locals and visitors alike interested in a relaxing afternoon right in town, more than 60 parks await.

Arts, culture and history mingle in areas like Water Street District, a unique area where Main Street USA meets progressive, dynamic thinking, with emerging collaborative work spaces. In the evening, Water Street and the Artisan Booze District attract the nightlife crowd with restaurants, breweries and craft cocktails.

As business, culture and opportunity in The City of Henderson continue to multiply, The City’s vision of a prosperous future keeps apace. By 2020, The City will have completed a three-year Smart City Strategy, ushering in a new era of technological efficiency. Henderson continues to develop its own path as an investor in, and advocate for, business and better lifestyle, and all are welcome to join.

For more information on relocating your business visit www.HendersonMeansBusiness.com.

FIGHTER JETS AND DAIRY FARMS, SIDE BY SIDE IN CHURCHILL COUNTY

Fallon is located in Churchill County, NV, the beautiful Oasis of Nevada and gateway to the Great Basin for those travelling east over the Sierra Nevada, one hour’s drive from Reno and one-and-a-half hours from scenic Lake Tahoe.

Fallon Naval Air Station, home of the Naval Aviation Warfighting Development Center, is Churchill County’s leading and still growing economic contributor.

Diverse agriculture resulting from the nation’s first Reclamation Project follows with over 197,000 acres in production. Most that acreage supports the 19 local dairies that account for 70 percent of Nevada’s dairy farms and provide milk to the Dairy Farmers of America whole milk powder plant, but over 56,000 of those acres produce specialty and row-crops, including an emerging gluten-free teff grain industry as well as a local vineyard and Nevada’s first estate distillery.

All this contributes to the area’s strong, natural resource based economy, including a surprisingly diverse population of skilled workers and a very pro-business environment.

Located at the historical crossroads of current highways US50 and US95 and within the I-80 and future I-11 corridors, the area is just miles from the Tahoe Regional Industrial Center home of the Tesla battery plant. The realignment of the original transcontinental railroad crosses Churchill County and is serviced by both Union Pacific & BNSF. The Fallon Industrial Lead and the Mina Branch, both serviced by Union Pacific, have excess rail capacity and available existing switches.

There are other large non-rail served parcels located along the identified transportation corridors also suitable for development. Within the City of Fallon numerous shovel-ready parcels are available including those located at the New River Business Park, the Hospital Medical Campus, Fallon Municipal Airport and others, some with rail access. All of this is connected to the world through gigabit broadband service and powered by renewable energy from geothermal, solar and hydro-electric sources with residents consuming just one-tenth of what Churchill County produces.

NORTHEASTERN NEVADA: EMBRACING THE FUTURE

At first glance many of the communities in northeastern Nevada look like towns that could have been plucked from one of Disney’s “Cars” films. Victorian government buildings coupled with mid-century main streets all surrounded by a sea of high desert sage brush. It’s been described as retro, rustic, a nostalgic throwback reminiscent of another time in America.

Nevada
Barrick Gold Corporation uses the latest technologies to monitor real
time data across multiple mine sites at their Analytics and Unified Operations
( AuOps) Center in Elko, NV. (Photo: ©SolarReserve)

Don’t let the aesthetic fool you. Just beyond the Nevada Northern Railway in Ely, the gorgeous Eureka County Courthouse, and the flashing lights of Battle Mountain’s Owl Club is another side of northeastern Nevada. This is the side where communities and industry have embraced modern advancements in science, technology and engineering. Here, markets are now viewed on a global scale and companies from around the world are saying “Why not northeastern Nevada?”

In the last decade, routine wildlife and geologic surveys have been conducted along the Carlin trend utilizing drone technology. Mineral production includes the use of semi-autonomous and autonomous vehicles while various stats and data from multiple mine sites are monitored from a centralized location in Elko, mimicking the U.S. Military’s Tactical Operations Centers (TOC). In Winnemucca, Google’s Loon Project is providing internet access to remote parts of the world by launching a network of balloons that circumvent the globe at the edge of space. Geothermal exploration being conducted in Wells could redefine agriculture and recreation on the Great Basin.

For those who are doing business in northeastern Nevada, the benefits are evident. Businesses and their employees enjoy low energy costs, no personal state income taxes and an exemption from many other taxes seen in neighboring states (inventory, unitary, franchise, etc.) Aside from the small town atmosphere, companies enjoy a favorable regulatory environment where cities and counties work side by side to ensure success. Building permits and licensing associated with private property are usually awarded in a manner of weeks rather than years. Commercial real estate in northeastern Nevada is some of the most competitively priced in the United States and sit adjacent to two major U.S. transportation systems, the I-80 corridor and the Union Pacific railway.

The northeastern Nevada appeal is beginning to resonate throughout the world. Elko’s annual Mining Expo has continually grown year to year witnessing an influx of out of state and international vendors. 2017 saw its first international trade missions to the region; not one, but a total of three. In April, Canadian representatives from various cities visited Elko to encourage local companies to export their products and services to Canada while considering expansion in order to bolster their local supply chain. In the Fall, delegates from Northern Ontario Canada and Eastern Australia traveled the I-80 corridor to research possible business opportunities within the region. Trade Specialist, Paul Bradette of Northern Ontario, referred to northern Nevada as “The United States’ best kept secret.”

Nevada has been categorized as a land of “unparalleled contrasts” and the northeastern region of the State certainly epitomizes that. These are communities made up of citizens, government and industry who will continue to thrust headlong into the future, capitalizing on those advancements that make us safer, more efficient and more productive. With that said, don’t be surprised to see an executive driving a 1953 ford pickup to a century old theater to enjoy an evening of cowboy poetry. It might not be for everyone, but for some…

it’s a perfect fit!

To find out if it’s a fit for you, contact the Northeastern Nevada Regional Development Authority at (775) 738-2100 or visit us at www.nnrda.com.

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