Tax abatements approved for nine companies in effort to grow skilled labor force

Tax abatements approved for nine companies in effort to grow skilled labor force
Photo by Remy Gieling on Unsplash

CARSON CITY–Gov. Steve Sisolak’s Office of Economic Development (GOED) Board on Wednesday approved nine companies to receive $4.7 million in tax abatements over the next two years. It’s hoped the abatements will allow the companies to create about 1,325 permanent, high-paying jobs over the course of the next five years and make significant capital investment as well.

During the first two years, the nine companies approved are expected to make $47.4 million in capital equipment investment and offer jobs with an average hourly wage of nearly $30. In total, the companies are expected to generate $68.7 million in new tax revenue over 10 years.

“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,” 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.”

Six of the companies are in the manufacturing sector, two are in the financial and professional services category, and one is focused on research and development for autonomous systems.

Employment data released last week from the Department of Employment, Training and Rehabilitation (DETR) points to manufacturing as one of the few industries adding jobs since the pandemic spiked unemployment last year. It’s down 2.5% in jobs since February 2020, a number far lower than the double-digits seen for other job sectors in the state.

Statewide unemployment is at about 8.3%, largely impacted by hospitality and tourism job losses in southern Nevada.

Here’s a list of the companies approved for tax abatements:

  • Advanced Hemp, Inc., is a new company in Clark County that will manufacture plant fertilizer from Hemp. It will receive $883,501 in tax abatements over 10 years. It will create 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.
  • Boxabl Incorporated is an expansion of prefabricated buildings and a building components manufacturer in Clark County. It will receive $319,578 in tax abatements over 10 years. It will create an estimated 100 jobs in the first five years of expansion 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.
  • Merastar Insurance Company is an expansion of an insurance customer service center in Clark County. It will receive $509,795 in tax abatements over 10 years. It will create an estimated 600 jobs in the first five years of expansion 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.
  • Nuro, Inc., is a new research and development company that produces Autonomous Systems in Clark County. It will receive $170,519 in tax abatements over 10 years. It will create 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.
  • PayCertify, Inc., is a new fintech, headquarters, and service company in Washoe County. It will receive $297,205 in tax abatements over 10 years. It 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.
  • Plant Prefab, Inc., is a new prefabricated building and a building component manufacturing company in Storey County. It will receive $1.6 million in tax abatements over 10 years. It 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.
  • Redwood Materials, Inc., is an expansion of a recycling technology manufacturing and processing company in Carson City. It will receive $411,599 in tax abatements over 10 years. It 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.
  • Silver Lion Farms is the expansion of an existing Hemp growth and processing manufacturing company in White Pine County. It will receive $291,767 in tax abatements over 10 years. It 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.
  • ThyssenKrupp Industrial Solutions is a service and installation manufacturing center in Storey County. It will receive $266,757 in tax abatements over 10 years. It 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.