Standard Abatements

Standard Abatements The State/GOED provides Standard Tax Abatements covering sales and use tax, personal property, modified business taxes, as well as a real property abatement for recycling. Nevada Standard Tax Abatements Sales and Use Tax Abatement Sales and use tax abatement on qualified capital equipment purchases, with reductions in the rate to as low as 2%. Modified Business Tax Abatement An abatement of 50 percent of the 1.17% rate on quarterly wages exceeding $50,000. Personal Property Tax Abatement An abatement on personal property not to exceed 50% over a maximum of 10 years. Real Property Tax Abatement for Recycling Up to 50% abatement for up to 10 years on real and personal property for qualified recycling businesses. Further information available here. Qualifying Criteria for Tax Abatements: A company must meet two criteria out of three. Average Wage (Statewide average wage) – must meet average wage* Capital Investment Number of Primary Jobs created Note: The company has to offer a medical insurance plan and pay at least 65% of the plan’s premium costs. Company Responsibilities: Maintain the business in Nevada for 5 years Register pursuant to the laws of Nevada Generate more than 50% of revenue from the project from outside of the State Note: For the most current statewide average wage visit: https://nevadaworkforce.com/ In addition: Indicate on the application the company’s plan to fulfill workforce needs.