GOED OKs $4.7 million in tax abatements for 9 Nevada companies

A rendering of the 10,700-square-foot service and manufacturing center German-based thyssenkrupp Industrial Solutions is currently building at the Tahoe Reno Industrial Center in Storey County. The company was one of nine to receive a tax break from the state of Nevada on March 31.

A rendering of the 10,700-square-foot service and manufacturing center German-based thyssenkrupp Industrial Solutions is currently building at the Tahoe Reno Industrial Center in Storey County. The company was one of nine to receive a tax break from the state of Nevada on March 31. Courtesy Photo

NNBW staff report

Thursday, April 1, 2021

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The Nevada Governor’s Office of Economic Development Board on Wednesday, March 31, approved $4.7 million in tax abatements, to be doled out over the next 10 years, for nine new or expanding companies in the Silver State.

According to a GOED press release, the companies — four of which are in Washoe, Carson City and Storey counties — are expected to fill roughly 1,325 permanent jobs over the next 5-10 years, with a weighted average hourly wage of $29.87.

"These companies will create more than 1,300 permanent jobs within the next five years and bring $116 million in capital investment and tax revenue to Nevada over the next 10 years,” Gov. Steve Sisolak said in a statement. "Nevada's return on investment is very high — resulting in job creation, new businesses and business expansion that will help stimulate our economic recovery."

According to GOED, over the next two years, the nine companies will make $47.4 million in capital equipment investments, and over 10 years, they will generate $68.7 million in new tax revenue.

The news comes a few months after GOED on Dec. 2, 2020, OK’d roughly $29.5 million in tax breaks 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.

Below is a breakdown of the new round of companies approved March 31— as well as the abatements each will receive in exchange for doing business or expanding operations in Nevada — according to GOED:

  • $1.6 million to Plant Prefab, Inc., a new prefabricated building and building component manufacturing company in Storey County that will create an estimated 100 new jobs in the first five years of operation at an average weighted hourly wage of $26.50. This company will make $16.6 million in capital equipment investment within the first two years of operation and generate $4.2 million in tax revenue over 10 years.
  • $266,757 for thyssenkrupp Industrial Solutions, a new service and installation manufacturing center in Storey County that will create an estimated 51 jobs in the first five years of operation at an average weighted hourly wage of $37.34. This company will make $2.2 million in capital equipment investment within the first two years of operation and generate $2.2 million in tax revenue over 10 years.
  • $411,599 for an expansion of Redwood Materials, Inc., a recycling technology manufacturing and processing company in Carson City that will create an estimated 109 new jobs in the first five years of expansion at an average weighted hourly wage of $30.77. This company will make $5.1 million in capital equipment investment and generate $3.7 million in tax revenue over 10 years.
  • $297,205 to PayCertify, Inc., a new fintech company in Washoe County that will create an estimated 100 jobs in the first five years of operation at an average weighted hourly wage of $29.31. This company will make $2.3 million in capital equipment investment within the first two years of operation and generate $5.6 million in tax revenue over 10 years.
  • $291,767 for an expansion of Silver Lion Farms, an existing Hemp growth and processing manufacturing company in White Pine County that will create an estimated 50 jobs in the first 10 years of expansion at an average weighted hourly wage of $27.30. This company will make $3.3 million in capital equipment investment within the first two years of expansion and generate $2.8 million in tax revenue over 10 years.
  • $883,501 to Advanced Hemp, Inc., a new company in Clark County that will manufacture plant fertilizer from hemp, creating an estimated 155 jobs in the first five years of operation at an average weighted hourly wage of $26.51. This company will make $8.2 million in capital equipment investment within its first two years of operation and generate $9.9 million in tax revenue over 10 years.
  • $319,578 for an expansion of Boxabl Incorporated, a prefabricated buildings and components manufacturer in Clark County that will create an estimated 100 jobs in the first five years at an average weighted hourly wage of $29.97. This company will make $3.4 million in capital equipment investment within the first two years of operation and generate $6.1 million in tax revenue over 10 years.
  • $509,795 for an expansion of Merastar Insurance Company, an insurance customer service center in Clark County that will create an estimated 600 jobs in the first five years at an average weighted hourly wage of $32.34. This company will make $3 million in capital investment within the first two years of operation and generate $29 million in tax revenue over 10 years.
  • $170,519 to Nuro, Inc., a new research and development company that produces autonomous systems in Clark County, creating an estimated 60 jobs in the first five years of operation at an average weighted hourly wage of $28.80. This company will make $1.3 million in capital expenditures within the first two years of operation and generate $5.3 million in tax revenue over 10 years.

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

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