Nevada was the 36th state admitted into the union in October of 1864. The state is located in the heart of the American west and spans an impressive 110,622 square miles. From the beautiful Sierra Nevada Mountains to the vast Grand Canyon, from Lake Tahoe to Lake Mead, the Nevada landscape is full of natural beauty and rich in resources. Nevada was nicknamed the “Silver State,” due to the significance of silver to its history and economy. Today, despite the abundance of silver ore, Nevada is the fourth largest producer of gold in the world.
While Nevada was hit hard by the “Great Recession,” especially the southern part of the state, the state’s economy has seen marked improvement. In December of 2014, the US Census report showed that Nevada was once again one of the fastest growing states, trailing only behind North Dakota. Retirees and job opportunities led the way in relocating to the Silver State.
Though mining and tourism are still major contributors to the state’s growth, new focus has been placed on aerospace, manufacturing, logistics, agriculture, technology and healthcare. Additionally, Nevada ranks #1 in the country for new business start-ups with its consistent “Top 10” placement for most business-friendly states.*
Some of the many reasons businesses choose to start or relocate to the Silver State include:
Business Incentives such as:
- Tax abatements
- Grants for workforce training
- $10 M Catalyst Fund created by the Nevada Legislature for relocating or expanding businesses
- 3rd Place in the Tax Foundation’s 2012 Business Tax Climate Index
Ranked 2nd in Tax Climate Index: lowest state and local tax burden of only 7.5%
No inventory tax
- No personal income tax
- No corporate income tax
- No unitary tax
- No franchise tax
No estate or inheritance tax
- Affordable commercial real estate
- Commercial applications receive competitive utility rates
- Low startup costs and fees
- Central location providing reduced shipping costs to the west coast
As Nevada enjoys a revitalized economy, new, expanding and relocating businesses look for effective methods of ensuring the success of their operations. Often, as entities grow and evolve, they recognize the need for sound legal advice and positioning. Progressive business leaders turn to Allison MacKenzie Law Firm, in Carson City, Nevada, to obtain the legal experience they need.
Allison MacKenzie Law Firm is dedicated to serving these clients and addressing their varied legal requirements. The firm’s attorneys offer clients proficient legal advice that assists in navigating the expansive legal environment found in Nevada.
*DiversifyNevada.com: Nevada Governor’s Office of Economic Development.