Enticing your Business
The city of Las Vegas goes to quite great lengths to draw in those with an entrepreneurial spirit. In order to entice business owners to relocate to the Vegas area, the state officials have set in place more than a few economic development incentive programs. These offered programs include:
Sales and Use Tax Abatement
A lessening of the Sales and Use Tax on eligible machinery and equipment is available to businesses with operations consistent to Nevada’s state plan for economic diversification and development.
Sales Tax Deferral Program
The state of Nevada offers a Sales and Use Tax deferment program to qualified industries that purchase specific types of capital equipment in excess of $100,000. Taxes can be put aside interest-free for up to five years.
Personal Property Tax Abatement
A lessening of personal property tax is available to new and expanding businesses. Qualifying criteria include a commitment to doing business in Nevada, minimum job creation, employment health plans, minimum capital investment and wage requirements. This is helpful when you relocate to Las Vegas.
Property Tax Abatement for Recycling
It literally pays to “go green”. Real and Personal Property Tax abatement is available to qualified recycling businesses. At least fifty percent of the material or product must be recycled on site. Fifty percent of Real and Personal Property Tax can be abated for up to ten consecutive years. An acknowledgement from local government entities and a commitment from the company to stay in Nevada are required.
Industrial Development Bonds
If your business is involved in construction or remodeling, Nevada is authorized to use tax-exempt IDBs to provide low interest financing of new construction, improvements, rehabilitation, or redevelopment of qualified projects, which include manufacturing facilities and certain other projects organized under Section 501 of the Internal Revenue Service code.
Nevada also encourages the creation, expansion, and/or development of private businesses by offering additional incentives. Some of the more popular programs are:
• Green Building Abatements
• Renewable and Energy Storage Abatements
• Nevada Hub Zone Development
• Train Employees Now
Source: Nevada Commission on Economic Development (January 2008) Should you require or desire more information about moving your business to Las Vegas, please contact the Nevada Commission on Economic Development at (702) 486-2127 or online at www.expand2nevada.com.