The Nevada Governor’s Office of Economic Development Board recently approved nine companies receiving cuts of $ 4.7 million over two years, resulting in an estimated 1,325 permanent jobs at a weighted rate over the next five years will result in an average hourly wage of $ 29.87.
In the first two years, these companies will invest $ 47.4 million in capital goods. Overall, the companies will generate $ 68.7 million in new tax revenue over a 10 year period. Companies that receive discounts include: four companies in Clark County, two in Storey County, one in Washoe, Carson City, and one in White Pine County.
Businesses are different from insurance companies, hemp, and a fin-tech company.
Silver Lion Farms, a hemp growing and processing company, is the recipient from White Pine County. It will receive tax breaks of $ 291,767 over a 10 year period. An estimated 50 jobs will be created in the first 10 years of expansion at an average weighted hourly wage of $ 27.30.
The company will have $ 3.3 million in capital equipment investments in the first two years of expansion and $ 2.8 million in tax revenue in 10 years.
“These companies will create more than 1,300 permanent jobs over the next five years and bring $ 116 million in capital investments and tax revenue to Nevada over the next ten years.” said Governor Steve Sisolak. “Nevada’s return on investment is very high, resulting in the creation of jobs, new businesses and business expansion that will help fuel our economic recovery.”