Assembly legislators agree to four tax extensions
CARSON CITY– Without any discussion, the Assembly voted 36-6 at 11:47 p.m. Sunday to collect $620 million in additional taxes over the next two years by extending four taxes that otherwise would have expired June 30.
Every Democrat and 10 of the 16 Republicans voted for Assembly Bill 561 that continues the 1.17 percent tax businesses pay on their payrolls, the 0.35 percent sales tax that goes to public schools, a $200 annual business license fee and a lower depreciation allowance that means motorists pay higher fees to register their cars. Under the bill, the first $250,000 in payroll of a company will be exempted from any business taxes, a step that will free 70 percent of companies in Nevada from this tax.
The bill now will be referred to the Senate which is expected to adopt it Monday. With its approval, the 120-day Nevada Legislature can adjourn on time Monday night.
The tax extensions were part of the agreement made by Gov. Brian Sandoval and legislative leaders needed to provide sufficient revenue to fund schools and other state programs.
