ANNOUNCED AS TEMPORARYNo
On June 12, 2017 the governor of Nevada signed into law a bill (SB442) that amends the state’s incentives law. Existing law authorizes the Office of Economic Development to grant a partial abatement of property taxes, business taxes and sales and use taxes to a business that locates or expands in this State and meets certain qualifications for the abatement. The bill makes several changes in that law, one of which increases the discriminatory nature of the subsidies.
Under existing law, the eligibility criteria for certain partial abatements of taxes and the issuance of certain transferable tax credits require at least 50 percent of the employees engaged or anticipated to be engaged in the construction of the project for which the partial abatement or tax credits are awarded to be residents of Nevada. The bill removes the phrase “anticipated to be engaged” so that the eligibility criteria for the partial abatements and tax credits definitively require that at least 50 percent of the employees engaged in the construction of the project to be residents of this state.
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