Senate votes to repeal GOED’s authority to give business tax breaks
CARSON CITY, Nev. — The Nevada Senate voted on Tuesday to take the ability to give businesses transferrable tax breaks away from the Governor’s Office of Economic Development.
At present, GOED has the power to approve partial abatements of some taxes and to issue transferable tax credits to companies that agree to invest at least $1 billion in Nevada over a 10-year period.
The office can issue up to $7.6 million in tax credits each fiscal year up to a total of $38 million in credits.
Sen. Ben Kieckhefer, R-Reno, said if some business comes to the state with a proposal, there’s nothing to prevent lawmakers and the governor from making a deal with them in the future.
But he said under the current law, GOED can approve transferable tax credits without any legislative approval.
The bill, SB410, now goes to the Assembly for consideration.
The regional building and population boom continues to favorably impact operations at Northern Nevada financial institutions. The thousands of new residents moving to the Truckee Meadows need to finance homes or new businesses, and all regional bankers really need to do is just put on a catcher’s mitt to snag the flow of business from people and companies moving in from California.