Nevada has always been popular states for businesses. One of the main reasons for that are low-cost startup, regulatory, licensing and annual fees, taxes and tax structure, privacy of business owners and competitive utility rates for commercial operations.
Nevada ranks as a 7th best state in the Tax Foundation’s 2020 State Business Tax Climate Index, an independent ranking of states in five areas of taxation: corporate taxes; individual income taxes, sales taxes, unemployment insurance taxes, and taxes on property, including residential and commercial property.
Nevada takes it seriously with attracting new businesses because of taxes. There are plenty of taxes which you must pay in other states, but not in Nevada. Here are the main tax advantages of this state:
• No Corporate Income Tax
• No Taxes on Corporate Shares
• No Franchise Tax
• No Personal Income Tax
• No Franchise Tax on Income
• No Inheritance or Gift Tax
• No Unitary Tax
• No Estate Tax
• Competitive Sales and Property Tax Rates
The Tax Climate Index comparison to neighboring states is significant: California ranks 48th, Arizona 20th, Idaho 21st, Oregon 8th and Utah 9th.
The combination of a rich transportation infrastructure and the geographic location - proximity to west coast/California markets and businesses, reduced shipping and storage costs are important reasons for businesses to stage their operations in Nevada.
Road Transportation - Collectively, the cities of Las Vegas, Reno, Sparks, Carson City and surrounding towns are less than one day’s drive over arterial interstate highways to nearly 60 million consumers as well as to the major U.S. deep water seaports serving the Pacific Rim.
Rail Transportation - Major Union Pacific and Southern Pacific rail connections in Las Vegas and Reno also, too, play an essential role in carrying the world’s freight from the Pacific Coast to America’s Heartland and beyond.
Air Transportation - Globally, McCarran International Airport in Las Vegas has been a Top 20 airport for more than five years, annually serving more than 40 million and handling more than 189 million pounds of cargo. More important, the airport is served by nonstop flights to and from nearly all major metropolitan areas in the United States as well as several important global centers in Europe, Asia and Latin America.
In the north, Reno Tahoe International Airport consistently earns recognition as one of the most efficient and friendly airports, serving more than 3.8 million passengers and receiving more than 114 million pounds of cargo annually. The airport serves more than a dozen cities with nonstop flights, and more than 35 cities with a single stop.
For businesses, when making their decision regarding expanding, relocating or creating a startup operation, it is important to know cost of living. Use cost of living calculator to calculate and compare cost of living between certain cities:
Cost of Living Calculator
For businesses in key industries willing to make multi-year commitments to jobs and capital investments, Nevada offers several attractive packages of incentives and programs to assist businesses through the Governor’s Office of Economic Development.
These incentives and programs include following: