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Craig's Corner - Wealth Planning Insights

Thursday, January 21, 2016

Nevada is the Next Frontier of Energy Tech

Why is Nevada attracting high-tech businesses?

Nevada is emerging as a hub for energy technology, especially since electric car manufacturer Tesla started building a so-called "Gigafactory" to manufacture batteries for its fleet of electric automobiles. The plant started rising on the horizon outside of Reno about 2 years ago, and since then a number of other high-tech companies have established a presence in the state or have announced plans to do so.

Nevada has long been known as a Mecca for gambling, but the state offers many advantages to companies looking to do business here. In Nevada, there is a comparatively lower cost of doing business coupled with tax incentives. For high-tech companies there are also ample clean energy sources, and this explains why Nevada is attracting businesses involved in the development of energy technology.

In fact, some contend that attracting energy storage manufacturers, clean energy producers and entities on the forefront of green transportation will make the state as important as Silicon Valley is to internet and software start-ups. In addition to attracting energy tech companies, Nevada also offers advantages to businesses involved with clean energy projects including solar, wind, and geothermal farms.

Why are Eco-Businesses Coming the Nevada

One reason Nevada is attracting these businesses is that the state has one of the lowest costs of doing business in the West. Nevada has a relatively easy tax system with no corporate income tax or minimal employer payroll tax. Moreover, land is relatively cheap and there are few regulatory hurdles involved in building a new manufacturing plant. Another attractive feature of the state is its proximity to the Bay Area and Silicon Valley, a short drive that allows business owners to travel here quickly from their headquarters around San Francisco.

Most importantly, state and local governments believe they should get out of the way of business in order to allow the state to evolve its economy beyond gambling and tourism. The state economic development agency has offered high-tech companies many incentives like large tax breaks, free land, and other benefits. Finally, Nevada is rich in minerals, such as lithium, that are critical to some clean-tech companies. In the end, this eco-development will benefit Nevada’s smaller cities like Reno that have been economically depressed and dependent on gambling and tourism.

If you have any questions regarding your Business a qualified Business Planning attorney could help you! 

                  

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S. Craig Stone II of Stone Law Offices, Ltd. serves clients throughout Clark County, Southern NV, Las Vegas, Henderson, Boulder City, North Las Vegas, Summerlin, Carson City, Reno, Washoe County, and Nye County. Also serving clients with asset protection nationwide.



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