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.