Nevada Incentives – Nevada Commission on Economic Development

Current Nevada Commission on Economic Development Incentives Download the Nevada Incentive Program (PDF)

State Incentive Programs:Incentives:State of Nevada – NCED:Sales Tax Abatement:

1. An abatement of sales & use tax on eligible machinery and equipment listed on application only

2. Under abatement rate would be 2%Sales Tax Deferral:

3. Sales tax that can’t be abated – can be deferred

4. Setting up a payment plan for taxes – equal monthly payments over 60 months (5 year payment plan)Modified Business Tax (Payroll Tax) Abatement:

5. Abatement is 50% for 4 Years on new jobsPersonal Property Tax Abatement:

6. Eligible for up to 50% abatement of personal property tax over 10 years

7. Abatement applied to equipment listed on the applicationProperty Tax Abatement for Recycling:

8. Real and personal property tax abatement is available to qualified recycling businesses (50% for 10 years)

9. At least 50 percent of the material or product must be recycled on site.

Qualification Criteria:

1. Primary company (jobs)

2. A majority of the Nevada operation’s revenue is generated outside the state

3. Must agree to do business in Nevada for at least five years at or above the initial level

4. Must comply with all state and local business licensing requirements

5. Provide health insurance to the employee (and cover 25% of the cost) with an option for the dependents

6. Application must be brought to NCED from a recognized development authority

Sales and Use Tax Abatement: All but 2% of the applicable sales & use tax can be abated (NRS mandate)

1. 2% goes to the state general fund

The abatement is eligible for the capital equipment listed in the application only

Example: New company located in Sparks is approved for abatement on $1,000,000 of new equipment Tax RateEquipmentTaxTotal applicable Tax7.725%1,000,000$77,250Total applicable Tax7.725%1,000,000$77,250Not eligible for abatement2%1,000,000$20,000 paidAbatement5.725%1,000,000$57,250 abated

Current Nevada Commission on Economic Development Incentives Download the Nevada Incentive Program (PDF)

#nevadaincentives #taxesinnevada #whymovetonevada