Sandoval says budget deal reached
CARSON CITY — Republican Gov. Brian Sandoval and leaders of the Democrat-controlled Legislature on Wednesday announced details of their compromise proposal to fund state government for the next two years.
The compromise is an agreement to spend about $6.5 billion on general fund obligations from 2011 to 2013, roughly the same as the previous two years. Overall state spending, estimated at about $17 billion, would be reduced by $500 million.
The agreement came after the Nevada Supreme Court last week put at risk about $657 million in the governor’s proposed budget.
That decision prompted Sandoval to agree to extend for two years about $620 million in taxes that had been set to expire, or sunset, on July 1.
In addition to the sunset taxes, the new budget will include a $60 million tax break for businesses that make less than $250,000 a year, about $23.8 million in higher taxes on mining, about $16.6 million in new revenue from unclaimed casino winnings, and a $155 million line of credit.
The new budget also would do away with mining claim fees that had been estimated to be worth more than $30 million, but in practice weren’t generating what was anticipated.
The measures announced Thursday still needs approval from the Legislature and a signature from Sandoval. But enough lawmakers from both parties were present in support of the plan at the announcement to put the agreement into law.
Contact reporter Benjamin Spillman at bspillman@reviewjournal.com or 702-477-3861. Contact reporter Laura Myers at lmyers@reviewjournal.com or 702-387-2919.
