Senate votes to repeal GOED’s authority to give business tax breaks | nnbusinessview.com

Senate votes to repeal GOED’s authority to give business tax breaks

NNBV staff report

Sen. Ben Kieckhefer, R-Reno said under the current law, GOED can approve transferable tax credits without legislative approval.

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.