Nine companies with capital equipment investment plans totaling more than $153M have been approved for more than $17.6M in tax abatements by the Nevada Governor’s Office of Economic Development.
The recipients are located in Clark, Washoe, Storey and Lyon counties.
The abatements are temporary tax rate reductions given to companies as an incentive to invest in projects with measurable economic benefits. The incentive is performance-based and subject to compliance audits. Recipients must repay the abatements if they do not meet the goals and terms of the agreements.
Hyve Solutions Corporation is the largest company to receive an abatement, which was valued at $3.67M. Hyve plans to create an advanced manufacturing facility in Reno and invest $31.4M in capital equipment, as well as another facility in North Las Vegas with an $8.7M investment.
The Nimble Precision Inc. facility in Clark County was given the largest individual abatement, valued at $4.68M. It will make a $46M capital equipment investment that is estimated to generate $35.1M in new tax revenue over the abatement’s lifetime.
Colovore Reno 1 LLC received abatements of $4.08M as part of its planned data center in Storey County near the Tahoe Reno Industrial Center.
Other abatements ranged from $818.7K to $430K for various manufacturing and packaging project investments. (Source: Las Vegas Sun)
