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 thing that I like most about entrepreneurship is I can work toward something that I’m passionate about and be at the forefront of the change that I want to see happen,” said Priyanka Senthil, a senior at Davidson Academy in Reno and co-founder of startup company AUesome.