And in part it's because Nevada's business climate is a supply-sider's  no corporate income tax, no personal income tax, no local earnings tax, no inventory tax, no capital-stock tax, no franchise tax, no admissions tax, no inheritance tax, low property tax, and a right-to-work state.
Nevada's corporate laws make it an attractive place to incorporate, due in part to no corporate income tax, no capital-stock tax, no franchise tax, and no admissions tax.