NV: With Tax Abatements, Two Nevada Companies to Invest $286M and Create 290 Jobs in Five Years | Trade and Industry Development

NV: With Tax Abatements, Two Nevada Companies to Invest $286M and Create 290 Jobs in Five Years

May 28, 2024

The Nevada Governor’s Office of Economic Development (GOED) approved two companies that will receive $35,321,637 in tax abatements. In return, these companies are projected to create 272 jobs in the next two years at an average hourly wage of $41.26. That figure is expected to grow to 290 jobs in five years. Additionally, these companies will make a capital equipment investment of $286,554,222 and generate $56,495,755 in new tax revenues over the 10-year abatement period.

“Supporting Nevada’s economic growth is a top priority of my administration, and we remain dedicated to cultivating a robust business climate that generates new investment and opportunity,” said Governor Joe Lombardo. “The new jobs announced today will further expand on the thousands of new employment opportunities and historic economic investments we’ve already secured for Nevada.”

One of the companies receiving an abatement is in Humboldt County and the other is in Elko County. The companies approved for abatements today include:

Ingenia Chartam, LLC dba Crossroads Paper, which was founded to provide recycled packaging materials for the growing market in the western United States, is considering establishing a recycling operation in Humboldt County. It was approved for $33,581,347 in tax abatements. It is projected to create 108 jobs in the first two years of operation at an average weighted hourly wage of $44.81. It is expected to grow to 126 jobs in five years. This company will make $ 271,578,900 in capital equipment investment in the first two years of operation and generate $43,175,540 in new tax revenues over the 10-year abatement period.

Capital Mining Services, a global entity offering comprehensive drilling and mining services across more than 30 locations worldwide, has chosen to establish its presence in the United States under the banner of Capital USA in Elko. The Elko facility will comprise geochemical analysis and mine drilling operations. It was approved for $1,740,290 in tax abatements. It is projected to create 164 jobs in the first two to five years of operation at an average weighted hourly wage of $38.92. This company will make $14,975,322 in capital equipment investment in the first two years of operation and generate $13,320,215 in new tax revenues over the 10-year abatement period.

 

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