Tax incentives for 5 companies creating at least 126 jobs in Nevada

Five companies are expected to bring at least 126 jobs and $113.2 million in capital investment to Nevada over the next two years by taking advantage of tax incentives provided by the governor’s Office of Economic Development.

GOED announced Thursday that it has granted nearly $9 million in tax breaks to companies in the manufacturing, energy, logistics and retail sectors. In return, the companies must create these jobs over the next two years at a weighted average hourly wage of $29.36.

Officials estimate the companies will create 435 jobs in five years and generate about $36.7 million in net new tax revenue over the next 10 years.

“Nevada continues to attract companies that make significant investments, create good jobs and expand our tax base,” GOED CEO Michael Brown said in a statement. “One of these companies makes $69 million in capital investments, another generates $12 million in net tax revenue over the next 10 years.”

Two of the companies receiving tax incentives are in the Reno area, one each in Clark, Nye and Storey counties.

Also Read :  U.S. should pump more oil to avert war-level energy crisis: JPMorgan's Jamie Dimon

“As of January 2019, the 86 companies that received cuts will add 13,227 jobs over five years,” Gov. Steve Sisolak said in a statement. “These companies are making $2.4 billion in capital investments and will generate $1.2 billion in net new tax revenue over the next decade.”

In southern Nevada, beauty retailer Sephora is expected to expand its warehouse and distribution center in northern Las Vegas, which first opened in 2019.

“Sephora’s Las Vegas Distribution Center has been critical to the accelerated growth of our US business,” said Mike Racer, Sephora’s senior vice president of supply chain, in a Las Vegas Global Economic Alliance press release. “The team’s performance over the past few years has been incredibly strong and is a clear testament to the region’s favorable operating environment and robust talent pool. We will continue to expand and invest in this facility.”

Reduction permits for the five companies:

Also Read :  Private equity guy on $185k works until 10pm instead of 2am

ARES Nevada LLC

Granted tax credit: $2.5 million

Jobs: 8th

Average hourly wage: $42.40

ARES Nevada is developing a commercial energy storage facility at an active gravel mine in Pahrump. It plans to make an estimated $26.7 million in capital investments over the first two years and grow to 51 jobs in five years.

Electronic Evolution Technologies Inc.

Granted tax credit: $35,863

Jobs: 25

Average hourly wage: $24.40

EE Technologies plans to expand its 54,000 square foot facility in Reno, where it works with domestic and international companies that manufacture circuit board assembly and box builds. It is expected to grow to 57 jobs in five years.

Post-Consumer Marks LLC

Granted tax credit: $5.2 million

Jobs: 30

Average hourly wage: $28.22

Post, a cereal manufacturer whose brands include Raisin Bran and Honey Bunches of Oats, plans to expand its Sparks manufacturing facility. It is expected to make capital investments of US$69.5 million within two years.

Sephora USA Inc.

Granted tax credit: $779,612

Also Read :  Carvana Faces Cash Crunch From High Debt, Rising Interest Rates

Jobs: 33

Average hourly wage: $27.20

The beauty retailer plans to expand its 715,000-square-foot warehouse and distribution center in north Las Vegas, which processes online orders for much of the western United States. Its expansion will allow the facility to support its retail operations in the region. The company will make $12 million in capital investments and expects to create 147 jobs over five years.

TLS Supply Chain Solutions Inc.

Granted tax credit: $479,204

Jobs: 30

Average hourly wage: $33.58

TLS plans to build a 125,875-square-foot facility in Storey County to open its US headquarters and third-party logistics services, which will include fulfillment and transportation operations. It is expected to create up to 150 jobs in five years and to make capital investments of US$4.5 million within the first two years of operation.

McKenna Ross is a Corps member with Report for America, a national service program that places journalists in local newsrooms. Contact them at [email protected] consequences @mckenna_ross_ on twitter.