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Incentives to Opening a Business in Nevada

On Behalf of | Feb 14, 2020 | Business Law

Nevada is already a great place to work and set up shop without having to worry about burdensome taxation. However, the right tax deduction or access to capital can help a business lower its tax liability and/or help with its bottom line. Nevada provides a range of incentives and access to capital to help qualifying companies make the decision to do business in Nevada.

These tax breaks can come in all shapes and sizes. Some of these include sales tax abatements on capital equipment purchases, sales and use tax deferral on capital equipment purchases, abatements on personal and modified business taxes, real property tax abatements for recycling, assistance with the cost of intellectual property development, and employee training grants. For more info on these abatements, visit the Governor’s Office of Economic Development’s site here: https://www.diversifynevada.com/programs/incentives/

Maybe your company is interested in government grants. Grants are very good way to increase capital and they are offered widely through various agencies. However, it’s important to keep in mind that these grants are funded by tax dollars and require very strict compliance and reporting methods. Some are national but some grants can be particularly for Nevada such as the Nevada Rural Development Grant Assistance: https://www.rd.usda.gov/nv or the Nevada Women’s Philanthropy: http://www.nwpsnv.org/. Other grants and resources can be found here: http://business.nv.gov/Resource_Center/Access_to_Capital/Access_to_Capital/.

No matter the incentive or grant, it is very important that your Nevada entity is properly structured to receive these credits in order to grow and expand. We recommend speaking with an experienced Nevada business attorney to make sure your business is qualified and in good standing for these programs. Nevada is home to all kinds of businesses, large or small. If you’re searching for a place to set up shop, Nevada may be the right place for you.

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