Nevada economic board OKs $29.5 million in tax breaks for 11 new companies

#CARSON CITY, Nev. — On Wednesday, the Nevada Governor’s Office of Economic Development Board of Directors approved roughly $29.5 million in tax abatements for 11 new companies — including eight in Northern Nevada — that are projected to generate roughly $90 million in tax revenue and create nearly 2,000 jobs over the next 10 years.

#“I am glad to welcome these companies to the Silver State to help to diversify our economy and create in-demand, high-skilled, and good-paying jobs,” Nevada Gov. Steve Sisolak said in a statement. “As we continue to navigate the challenges presented by the ongoing pandemic, job creation and rebuilding our economy remains a top priority.”

#Below is a breakdown of the companies — as well as the abatements each will receive in exchange for doing business in the Silver State — as approved by the GOED board, according to a Wednesday press release from GOED:

• Acorn Pulp Group LLC in Washoe County received an estimated $616,706 in tax abatements. It will produce an estimated $4,073,084 in tax revenues over the next 10 years. The company will initially create 54 jobs at an average wage of $24.33 per hour. The estimated economic impact over the next 10 years is $340,433,164 with 119 jobs.
• Beyond Meat Inc. in Washoe County received an estimated $4,390,290 in tax abatements. It will produce $13,488,036 in tax revenues over the next 10 years. The company will initially create 135 jobs at an average wage of $23.61 per hour and make an initial capital equipment investment of $42.2 million. The estimated economic impact over the next 10 years is $903,162,299, which includes 343 jobs.
• Centerline Structural Innovations in Washoe County received an estimated $348,806 in tax abatements. It will generate an estimated $9,118,430 in tax revenues over the next 10 years. The company will initially create 55 jobs at an average wage of $37.44 per hour. The estimated economic impact over the next 10 years is $451,930,521, which includes 261 jobs. This project will also make a capital equipment investment of $3,351,051 and create an estimated 18 construction jobs.
• American Battery Technology Company in Lyon County received an estimated $1,331,016 in tax abatements. It will produce $7,544,803 in tax revenues over the next 10 years. The company will initially create 50 jobs at an average wage of $45.47 per hour. The estimated economic impact over the next 10 years is $348,467,751 with 89 jobs. This project will also make a capital equipment investment of $18,091,250, with an estimated 160 construction jobs.

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• GigaCrete in Clark County received an estimated $454,337 in tax abatements but will produce $3,116,263 in tax revenues over the next 10 years. The company will initially create 25 jobs at an average wage of $26.10 per hour. The estimated economic impact over the next 10 years is $114,693,517 that includes 70 jobs. This project will also make a capital equipment investment of $5,967,600.
• Lithion Battery in Clark County received an estimated $533,869 in tax abatements. It will produce $2,916,142 in tax revenues over the next 10 years. The company will initially create 22 jobs at an average wage of $30.41 per hour. The estimated economic impact over the next 10 years is $140,921,666, which includes 65 jobs. This project will also make a capital equipment investment of $5,179,049.
• Nanotech Energy in Washoe County received an estimated $20,716,652 in tax abatements. It will produce $21,840,024 in tax revenues over the next 10 years. The company will initially create 57 jobs at an average wage of $30.56 per hour. The estimated economic impact over the next 10 years is $586,085,854 and includes 302 jobs. This project will also make a capital equipment investment of $260,150,000 and create an estimated 171 construction jobs.
• Safe Life Defense in Clark County received an estimated $288,532 in tax abatements. It will produce $12,853,427 in tax revenues over the next 10 years. The company will initially create 50 jobs at an average wage of $24.59. The estimated economic impact over the next 10 years is $526,300,998 and includes 377 jobs. This project will also make a capital equipment investment of $2,319,300 and create an estimated 18 construction jobs.
• SAMSARG in Lyon County received an estimated $126,646 in tax abatements. It will produce $6,417,240 in tax revenues over the next 10 years. The company will initially create 25 jobs at an average wage of $53.88 per hour. The estimated economic impact over the next 10 years is $725,722,245 and includes 180 jobs, in addition to an estimated 46 construction jobs.
• Sonoma Creamery in Washoe County received an estimated $696,713 in tax abatements. It will produce $5,841,253 in tax revenues over the next 10 years. The company will initially create 50 jobs at an average wage of $24.40 per hour. The estimated economic impact over the next 10 years is $349,840,323 and includes 117 jobs. This project will also make a capital investment of $6,238,412.
• ZLINE Kitchen and Bath in Washoe County received an estimated $69,333 in tax abatements. It will produce $2,998,317 in tax revenues over the next 10 years. The company will initially create 25 jobs at an average wage of $26.86 per hour. The estimated economic impact over the next 10 years is $80,199,234 and includes 77 jobs. This project will also make a capital equipment investment of $593,894 and create an estimated four construction jobs.

#Go here to learn more about GOED and the tax incentives it offers on behalf of the state of Nevada.