From the Governor
“The past eight years have shown that our state government can actively partner with the private sector to bring small businesses to Nevada and diversify our economy. As governor, I will build on that success and bring new ideas to Carson City to help small businesses grow and thrive.” —Gov. Steve Sisolak
A New Place in the Global Economy
Nevada is elevating its global profile. Former Gov. Brian Sandoval made recent trade missions to Africa and Spain and used the Nevada Global initiative to partner with economic development agencies abroad to identify businesses to connect with the state’s startup accelerator community. Sofidel, Cascade Financial Technology and Axion have all announced investments here in 2018. And Tesla’s Gigafactory continues to expand, with total investments in the project now nearing $4 billion.
Data Center Abatement: Offers abatement of up to 75% of the taxes due for 10- to 20-year periods for personal property tax and sales and use tax.
Modified Business Tax Abatement: Offers a tax abatement of half of the 1.475% rate on quarterly wages exceeding $50,000.
Sales and Use Tax Abatement: Offers a tax abatement on quality capital equipment purchases, with reductions in the rate to as low as 2%.
Silver State Works Employee Hiring Incentive: Offers up to $2,000 per employee in incentive reimbursements and training allowances for new employees.
Nevada Governor’s Office of Economic Development: diversifynevada.com
Nevada Economic Development Conference: nevadaeconomicdevelopment
Las Vegas Global Economic Alliance: lvgea.org
Economic Development Authority of Western Nevada (Reno/Sparks/Tahoe): edawn.org
Highlighted Program or Initiative
The Nevada Global Initiative aims to attract high-growth international companies looking to establish footholds and expand in the U.S. The Governor’s Office of Economic Development has worked with foreign partners to identify companies with success in their domestic markets that are preparing to enter the U.S. market and are a good fit in targeted sectors. The first major Nevada Global recruiting and vetting event will take place in Poland later in 2018.
- Sofidel America, one of the world’s largest tissue producers, announced in January 2018 it will expand operations in southern Nevada and create 67 jobs.
- Cascade Financial Technology announced in March 2018 an expansion in Clark County with the potential for 300 jobs over the next five years.
- Axion, a provider of satellite broadband-based entertainment, announced a $30 million investment in May 2018 in Washoe County that will create 205 jobs.
- In August 2018, Tesla’s Gigafactory surpassed capital investment benchmarks tied to state tax incentives. It currently has 3,249 employees and total capital investments of $3.7 billion.
- Ryze Renewables Holdings announced in August 2018 it would build two diesel fuel plants in Nevada and create more than 750 jobs.
Four Fortune 500 companies are headquartered in the state:
Las Vegas Sands
MGM Resorts International
“Scientific Games is proud to call Las Vegas home for our global headquarters. The city and community are wonderful supporters of our industry and our customers and, of course, you can’t beat the weather.” —Todd Clark, Vice President of Global Facilities, Scientific Games
“Las Vegas remains the ideal place for us to continue growing our operations…. With a 24/7 call center, it is great to be in a 24/7 town that offers a well-trained workforce and convenient commuting options for employees.” —Spencer Schmerling, Founder and CEO, Cascade
“Nevada has been home to Allegiant’s headquarters since 2001, and the company’s ties to the Silver State go back even further to our first route between Frisco and Las Vegas. It’s an ideal base of operations in virtually every way—from the business-friendly environment to the incredible network of supportive partners and world-class academic institutions.” —Scott Sheldon, COO, CFO, Vice President, Allegiant