THE GREATER RENO-TAHOE ADVANTAGE
From exemptions to abatements to deferrals to the complete absence of taxes, simply operating your business in Greater Reno-Tahoe adds to your bottom line.
As part of Nevada, Greater Reno-Tahoe offers one of the most attractive tax structures in the country with:
Contact Wendy for a summary of Nevada Incentives.
Selected business incentives and assistance programs
Greater Reno-Tahoe businesses can qualify for an abatement of sales and use tax on machinery and equipment. Your business will qualify if it is consistent with Nevada's state plan for economic diversification and development, is committed to doing business in Nevada, creates a minimum number of jobs, provides employee health plans and meets wage requirements.
Businesses in qualified industries are entitled to sales and use tax deferment for up to five years on capital investments on specific types of equipment in excess of $100,000.
Sales tax exemptions are extended for gross receipts from the sale of aircraft and major components of aircraft.
A partial abatement from the payroll tax may be obtained by new and expanding businesses that create a minimum number of jobs, meet a minimum level of capital investment and offer adequate wages and health plans to employees. Payroll taxes may be abated by 50 percent for up to 4 years.
Personal property tax abatement is also available to new and expanding businesses. Qualifying criteria include a commitment to doing business in Nevada, minimum job creation, employee health plans, minimum capital investment, and wage requirements.
Qualified recycling businesses enjoy real and personal property tax abatement if at least 50 percent of the material or product is recycled on site. Fifty percent of real and personal property tax can be abated for up to ten consecutive years as long as a commitment by the business to stay in Nevada is acknowledged by local governmental entities.
Qualified Greater Reno-Tahoe businesses can also take advantage of Nevada's customized job training program, Train Employees Now (TEN), which may be utilized prior to, and up to 90 days following, the opening of a new plant or operation.
Property Tax Exemptions
The following are exempt from property tax:
Green building abatements are made available on real property, which has a building or other structure certified as silver level or higher under the Leadership in Environmental Design Green Building Rating System adopted by Nevada's Office of Energy to 35% of real property tax may be abated for up to ten consecutive years should the company commit to maintain operations in Nevada.
Companies in the renewable and alternative energy and energy storage segments are offered renewable and energy storage abatements that encompass sales and use tax and property tax.
The Nevada Hub Zone Development program extends sales and use tax and personal property tax abatements to businesses relocating or expanding in historically underutilized zones and enterprise communities. Additional incentives are available to qualified grocery stores and to businesses hiring dislocated workers.
The State of Nevada is authorized to use tax-exempt Industrial Development Bonds to provide low-interest financing of new construction, improvements, rehabilitation, or redevelopment of qualified projects, which include manufacturing facilities and other projects organized under Section 501 of the Internal Revenue Service code.
The Procurement Outreach Program provides direct technical assistance and bid information to businesses selling goods and services to the government.
Greater Reno-Tahoe manufacturers and artisans benefit from Made in Nevada, the State's official program to market and promote locally-produced products worldwide.
Source: EDAWN
(Reno, Nev.) January 28, 2009 - The New Year showed glimmers of economic life as three companies announced in January they are moving their operations and expanding in the Greater Reno-Tahoe area creating 200 new jobs and injecting more than $27 million in economic impact into the community.
According to the Economic Development Authority of Western Nevada (EDAWN) and its regional partners that assisted the companies, an additional 75 indirect jobs will be created as a result of the suppliers and construction jobs relating to the three new projects. The businesses represent key industry sectors outlined in the Target2010 economic planning study that economic development officials are looking to grow in the area thanks to their skilled, good paying jobs. The industries include clean energy technology, advanced manufacturing and business and financial services. Two of the three companies offer skilled jobs paying an average of $25.30 an hour which is 28.5 percent higher than the average state wage of $19.69.
"The companies are in industries that were identified by the Target2010 economic planning study as having the greatest potential to succeed given our region's infrastructure, workforce, and other community assets," said Chuck Alvey, president and CEO for EDAWN. "With the rising unemployment rate in Nevada, more skilled professionals are looking for jobs, and these companies want to tap into that labor market which is a ‘win-win' for businesses and helps get local professionals back to work."
The companies include:
Selco Products is a manufacturer and distributor of thermal measurement and control devices for the medical, electronics, food service and telecommunications industry that is moving its headquarters from southern California to Reno. The company plans to hire 15 employees locally and is bringing 25 workers from California. Selco Products is planning to open its 29,703 square footage at 8780 Technology Way in Reno later this spring representing $11.8 million in economic impact to the region. Partners on the project include EDAWN, NV Energy, UNR College of Engineering and Nevada Works. United Construction is the developer.
Mariah Power manufactures low-cost, low-noise wind power appliances for use with residential, business and commercial buildings. Its Windspire is the lowest cost residential-scale wind system on the market. The company recently expanded its Reno headquarters and research and development after considering moving to the San Francisco Bay Area adding nine new jobs locally. The company recently moved into a new 7,500 square foot facility at 5470 Louie Lane in Reno.
The expansion represents $3.2 million in economic impact to the area. The company moved its manufacturing to Ohio late last year, but maintains its headquarters in Nevada. Partners on the project include: EDAWN, NV Energy, Truckee Meadows Community College, MAP and Nevada Works.
"Mariah Power decided to keep our headquarters and R&D in Reno because its gorgeous natural setting draws an outdoor-oriented crowd that values nature and the environment, values that are important to our company. The city is large enough to offer and attract the right talent, and the somewhat windy conditions create an ideal situation for a wind power company. There is also a substantial cost advantage, ranging from the cost of space to the general costs of doing business in Nevada as compared with California," said Mike Hess, president of Mariah Power.
The Hartford Financial Services Group The Hartford, a Connecticut-based financial services company, announced it is returning to Reno-Tahoe after leaving in 2007. The company is opening a 28,856 square foot customer service center at its previous office at 9850 Double R Boulevard in Reno. The Hartford plans to employ approximately 150 employees by late spring and will generate $12 million in economic impact. Tim Ruffin from Colliers International was the leasing broker. EDAWN assisted the company with an employee benefits survey and hosted them at a local job fair.
Since July 2008, EDAWN and its regional economic development partners report assisting 12 companies creating 372 new jobs and leasing or purchasing 349,459 square footage of office or commercial space. The companies represent nearly $67 million in economic impact to the region. A complete list of those companies is available here.
About EDAWN: EDAWN is a private, non-profit corporation founded by community leaders in 1982 to diversify the Greater Reno-Tahoe economy by recruiting, expanding and starting up quality companies that have a positive impact on the region's quality of life. Reno was named the No. 1 Place for Doing Business in America 2005 by Inc. magazine. For more information on doing business in Greater Reno-Tahoe, visit www.edawn.org.
WHY GROW YOUR BUSINESS IN GREATER RENO-TAHOE?
Businesses of all sizes are moving to Greater Reno-Tahoe. Here are just a few of their reasons. What will yours be?
Tax Benefits
Operating Benefits
Community Benefits
No matter your business, Greater Reno-Tahoe's tax benefits and business-friendly environment can work for you. And with everything potential employees want - from entertainment options to the beauty of the Sierra Nevada - moving to Greater Reno-Tahoe can attract and retain the right people. Talk about taking the gamble out of making a move!
Bottom line: Greater Reno-Tahoe companies keep more of their profits
Tax Advantages of Nevada Ownership
The State of Nevada offers one of the most tax and business friendly environments of any state. CPA's, tax advisors, and asset protection specialists have recognized for years the benefits of calling Nevada home!
Sixteen Reasons to become a Nevada Resident
No personal income tax
No corporate income tax
No gross receipts tax
No franchise tax
No inventory tax
No tax on issuance of corporate shares
No requirements of shareholders & directors to live in Nevada
No tax on sale or transfer of shares
No succession or inheritance with IRS
No sharing of information with IRS
Simple annual requirements
Protection for Directors and Officers
No initial or minimum capital requirements
Anonymity of owners-Total Privacy
Low property taxes
Business friendly environment
Privacy is yours in Nevada
If you have ever been audited by our friends at the IRS, you understand the expense and hassle of doing business with them. The State of Nevada is the only state in the nation that does not share information with the IRS. It has been noted by tax professionals that many audits are derived because information shared by the states with the IRS does not match up.
You privacy is further valued by the State of Nevada because they do not require a registration of stockholders. Your stockholders stay anonymous and are protected because their names do not show up on every website and list about your corporation.
"Bearer Shares" used to be a very common tool for promoting and expanding your business. In today's wired world, bureaucrats and tax agencies want to know everything about everyone so that they can ensure thorough collection of tax revenues. The advantage to Bearer Shares is that they are owned by whoever physically owns the stock/share and this information is kept between the corporation and the owner of the shares.
Assets held within a Nevada corporation are not required to be disclosed. Most states not only require disclosure of assets, they also tax you on those assets.
Lastly, your attorney can become the corporation's Officer and Director with you being the sole shareholder, thus almost ensuring complete anonymity.
Saving Money on Taxes
So you might be asking yourself, if Nevada does not tax corporate profits, or tax franchises or even tax personal income, how do they pay the bills? One word, gaming. The revenues Nevada realizes because of gaming is significant enough to fund most government operations.
Nevada also wants your business. Nevada has realized that if they are friendly to businesses, this benefits the businesses, the employees and the state. Yes there is a state that actually believes in a "Win-Win" mentality, and Nevada makes it clear that that is their intention.
How to take advantage of Nevada's tax benefits
There are two ways to reap Nevada's freedom from taxes. First is to start a corporation for your business' tax relief. Consult a Nevada CPA or legal professional for more detailed information on incorporating your business in Nevada.
As an individual, you will need to become a resident of the state. Individuals who are "domiciled" in Nevada and become Nevada residents will generally escape state taxation of their income, except for income arising from sources within another state. Again, check with your financial professional on income derived in other states. Even if part of your income has to be taxed in other states, you may still see a reduction in your overall tax liability.
Test for Residency
Various factors are considered in determining whether a taxpayer has met Nevada's residency criteria.
How long are you physically present in Nevada during the year?
Where do you have sources of income?
Where are you registered to vote?
Where do you own a house?
Where do you claim the homeowner's exemption?
Where is your driver's license issued?
Where are your closest business contacts, including clubs?
Where are your vehicles are registered?
Where your minor children attend school, and whether you paid resident or non-resident tuition.
Which state has jurisdiction in the administration of your wills and trusts?
Where have you obtained a homestead exemption?
Where do you maintain a safety deposit box(es)?
Where do you file an affidavit of domicile?
Where do you own a cemetery plot?
For additional real estate information contact Wendy at www.prurealty.com. Wendy serves the Reno/Sparks/Carson/Minden/Gardnerville/Fernley/Fallon/Galena Forest Estates/St. James Woods, Lake Tahoe Nevada: Incline Village/Cave Rock etc....Additional tax planning questions will be addressed by a qualified member of Wendy's hand-picked team of professionals.
"Home means Nevada".....come on in and let me show you why we LOVE this place!
RECENT RECOMMENDATIONS:
“Wendy is a very tech savvy Realtor who understands the new and traditional tools to get the job done for clients in this internet connected world. I would highly recommend Wendy for anyone seeking to buy or sell residential real estate in the Reno/Sparks area.” March 10, 2009
Dave. Hansen , Corporate Broker , Prudential Nevada Realty
March 22, 2008:
I have purchased two condos with Wendy's services as a REALTOR and would not have found those deals without her help. I am satisfied with the research performed and with the results of the transactions and the efficiency of the paperwork. I recommend her as she puts in effort on her transactions and has good exposure on the internet. I might buy more property as the economic situation looks good for such purchases.
--
Dot Myers
Reno, NV
THE GREATER RENO-TAHOE ADVANTAGE
The State of Nevada offers one of the most tax and business friendly environments of any state. CPA's, tax advisors, and asset protection specialists have recognized for years the benefits of calling Nevada home!
Sixteen Reasons to become a Nevada Resident
No personal income tax
No corporate income tax
No gross receipts tax
No franchise tax
No inventory tax
No tax on issuance of corporate shares
No requirements of shareholders & directors to live in Nevada
No tax on sale or transfer of shares
No succession or inheritance with IRS
No sharing of information with IRS
Simple annual requirements
Protection for Directors and Officers
No initial or minimum capital requirements
Anonymity of owners-Total Privacy
Low property taxes
Business friendly environment
Privacy is yours in Nevada
If you have ever been audited by our friends at the IRS, you understand the expense and hassle of doing business with them. The State of Nevada is the only state in the nation that does not share information with the IRS. It has been noted by tax professionals that many audits are derived because information shared by the states with the IRS does not match up.
You privacy is further valued by the State of Nevada because they do not require a registration of stockholders. Your stockholders stay anonymous and are protected because their names do not show up on every website and list about your corporation.
"Bearer Shares" used to be a very common tool for promoting and expanding your business. In today's wired world, bureaucrats and tax agencies want to know everything about everyone so that they can ensure thorough collection of tax revenues. The advantage to Bearer Shares is that they are owned by whoever physically owns the stock/share and this information is kept between the corporation and the owner of the shares.
Assets held within a Nevada corporation are not required to be disclosed. Most states not only require disclosure of assets, they also tax you on those assets.
Lastly, your attorney can become the corporation's Officer and Director with you being the sole shareholder, thus almost ensuring complete anonymity.
Saving Money on Taxes
So you might be asking yourself, if Nevada does not tax corporate profits, or tax franchises or even tax personal income, how do they pay the bills? One word, gaming. The revenues Nevada realizes because of gaming is significant enough to fund most government operations.
Nevada also wants your business. Nevada has realized that if they are friendly to businesses, this benefits the businesses, the employees and the state. Yes there is a state that actually believes in a "Win-Win" mentality, and Nevada makes it clear that that is their intention.
How to take advantage of Nevada's tax benefits
There are two ways to reap Nevada's freedom from taxes. First is to start a corporation for your business' tax relief. Consult a Nevada CPA or legal professional for more detailed information on incorporating your business in Nevada.
As an individual, you will need to become a resident of the state. Individuals who are "domiciled" in Nevada and become Nevada residents will generally escape state taxation of their income, except for income arising from sources within another state. Again, check with your financial professional on income derived in other states. Even if part of your income has to be taxed in other states, you may still see a reduction in your overall tax liability.
Test for Residency
Various factors are considered in determining whether a taxpayer has met Nevada's residency criteria.
How long are you physically present in Nevada during the year?
Where do you have sources of income?
Where are you registered to vote?
Where do you own a house?
Where do you claim the homeowner's exemption?
Where is your driver's license issued?
Where are your closest business contacts, including clubs?
Where are your vehicles are registered?
Where your minor children attend school, and whether you paid resident or non-resident tuition.
Which state has jurisdiction in the administration of your wills and trusts?
Where have you obtained a homestead exemption?
Where do you maintain a safety deposit box(es)?
Where do you file an affidavit of domicile?
Where do you own a cemetery plot?
For additional real estate information contact Wendy at www.prurealty.com. Wendy serves the Reno/Sparks/Carson/Minden/Gardnerville/Fernley/Fallon/Galena Forest Estates/St. James Woods, Lake Tahoe Nevada: Incline Village/Cave Rock etc....Additional tax planning questions will be addressed by a qualified member of Wendy's hand-picked team of professionals.
Source: EDAWN
fabulous
The New Year showed glimmers of economic life as three companies announced in January they are moving their operations and expanding in the Greater Reno-Tahoe area creating 200 new jobs and injecting more than $27 million in economic impact into the community.
According to the Economic Development Authority of Western Nevada (EDAWN) and its regional partners that assisted the companies, an additional 75 indirect jobs will be created as a result of the suppliers and construction jobs relating to the three new projects. The businesses represent key industry sectors outlined in the Target2010 economic planning study that economic development officials are looking to grow in the area thanks to their skilled, good paying jobs. The industries include clean energy technology, advanced manufacturing and business and financial services. Two of the three companies offer skilled jobs paying an average of $25.30 an hour which is 28.5 percent higher than the average state wage of $19.69.
“The companies are in industries that were identified by the Target2010 economic planning study as having the greatest potential to succeed given our region’s infrastructure, workforce, and other community assets,” said Chuck Alvey, president and CEO for EDAWN. “With the rising unemployment rate in Nevada, more skilled professionals are looking for jobs, and these companies want to tap into that labor market which is a ‘win-win’ for businesses and helps get local professionals back to work.”
The companies include:
Selco Products is a manufacturer and distributor of thermal measurement and control devices for the medical, electronics, food service and telecommunications industry that is moving its headquarters from southern California to Reno. The company plans to hire 15 employees locally and is bringing 25 workers from California. Selco Products is planning to open its 29,703 square footage at 8780 Technology Way in Reno later this spring representing $11.8 million in economic impact to the region. Partners on the project include EDAWN, NV Energy, UNR College of Engineering and Nevada Works. United Construction is the developer.
Mariah Power manufactures low-cost, low-noise wind power appliances for use with residential, business and commercial buildings. Its Windspire is the lowest cost residential-scale wind system on the market. The company recently expanded its Reno headquarters and research and development after considering moving to the San Francisco Bay Area adding nine new jobs locally. The company recently moved into a new 7,500 square foot facility at 5470 Louie Lane in Reno.
The expansion represents $3.2 million in economic impact to the area. The company moved its manufacturing to Ohio late last year, but maintains its headquarters in Nevada. Partners on the project include: EDAWN, NV Energy, Truckee Meadows Community College, MAP and Nevada Works.
“Mariah Power decided to keep our headquarters and R&D in Reno because its gorgeous natural setting draws an outdoor-oriented crowd that values nature and the environment, values that are important to our company. The city is large enough to offer and attract the right talent, and the somewhat windy conditions create an ideal situation for a wind power company. There is also a substantial cost advantage, ranging from the cost of space to the general costs of doing business in Nevada as compared with California,” said Mike Hess, president of Mariah Power.
The Hartford Financial Services Group The Hartford, a Connecticut-based financial services company, announced it is returning to Reno-Tahoe after leaving in 2007. The company is opening a 28,856 square foot customer service center at its previous office at 9850 Double R Boulevard in Reno. The Hartford plans to employ approximately 150 employees by late spring and will generate $12 million in economic impact. Tim Ruffin from Colliers International was the leasing broker. EDAWN assisted the company with an employee benefits survey and hosted them at a local job fair.
Since July 2008, EDAWN and its regional economic development partners report assisting 12 companies creating 372 new jobs and leasing or purchasing 349,459 square footage of office or commercial space. The companies represent nearly $67 million in economic impact to the region. A complete list of those companies is available here.
About EDAWN: EDAWN is a private, non-profit corporation founded by community leaders in 1982 to diversify the Greater Reno-Tahoe economy by recruiting, expanding and starting up quality companies that have a positive impact on the region’s quality of life. Reno was named the No. 1 Place for Doing Business in America 2005 by Inc. magazine. For more information on doing business in Greater Reno-Tahoe, visit www.edawn.org.
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