More firms seeking state incentives

As the economy begins to recover, Nevada's Commission on Economic Development is fielding more applications from companies that want incentives to locate in the state.

The commission last week approved applications from four companies that wanted tax breaks in exchange for creating new jobs.

Another three or four applications are headed to the commission next month.

That far outstrips the pace of the last couple of fiscal years, when the state saw fewer than 20 requests for development incentives.

"It basically runs with the economy," said Tim Rubald, the state's director of business development.

"We're getting a lot more interest."

Nevada offers a modest package of tax incentives, only five compared with hundreds that are provided by some other states.

Texas, for instance, offers cash up front to companies that promise to create new jobs.

On the other hand, Rubald said, Nevada offers the biggest incentive of all no state income tax.

The incentive packages offered in Nevada include abatement of sales taxes on equipment used in new facilities and abatement of personal property taxes for companies that create new jobs.

The incentive packages approved by the commission last week included a rarity as it gave the OK to $750,000 in tax breaks for an existing company.

Harley-Davidson Financial Services, which says it might leave Carson City because of the state's new taxes on business, became only the second existing company in the last five years to win state incentives.

The first was General Motors, which moved its parts distribution facility to Stead from Sparks.

Also winning approval for state incentives last week were Sherwin-Williams Co., the paint manufacturer considering a plant in Lyon or Storey counties, and PCDoctor, a California company moving its headquarters to south Reno.

Economic development authorities are responsible for submission of applications for state incentives.