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Nevada’s renewable energy tax abatement provides a 50 percent abatement of real and personal property tax for 10 years to persons developing qualified renewable power systems.
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Nevada
Renewable Energy Producers Property Tax Abatement
As part of an effort to attract new businesses to the state, Nevada has adopted its “State Plan for Industrial Development and Diversification.” As part of this plan, the Nevada Commission on Economic Development offers a partial abatement of personal property taxes and sales and/or use taxes for Nevada businesses that produce renewable electricity.
Nevada’s renewable energy tax abatement provides a 50 percent abatement of real and personal property tax for 10 years to persons developing qualified renewable power systems. These include biomass (e.g., landfill gas), solar energy, or wind installations that generate more than 10 kW of renewable electricity.
Tax abatement applicants must meet the following criteria:
- The company must commit to maintaining its business in Nevada for five years.
- The company’s average hourly wage must equal or exceed 100 percent of the state average hourly wage.
- The company must have at least 75 full-time jobs in Nevada if it is located in a city/county with a population of more than 60,000. The company must have at least 15 full-time jobs in Nevada if it is located in a city/county with a population of less than 60,000.
- If the city/county in which the company is located has a population of more than 60,000, a capital investment of $2 million is required. If the city/county in which the company is located has a population of less than 60,000, a capital investment of $500,000 is required. In cases of expansion, the capital investment must equal at least 20 percent of the value of tangible property possessed by the business.
The abatement is scheduled to expire on June 30, 2009. Projects that are granted an abatement by the Commission prior to June 30, 2009 will receive their full abatement for the full time period decided by the Commission.
All applicants must provide a letter in support of the tax abatement from the local development authority and agree to supply copies of all records necessary to validate the application. The Nevada Commission on Economic Development grants approval for the tax abatement on a case-by-case basis.
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