May 4, 2007
Nevada Halts Huge Tax Breaks for Green Building
The Nevada Assembly has unanimously joined the Senate in suspending the law allowing major sales and property tax breaks for businesses that construct energy efficient buildings, the Nevada Appeal reports.
The tax breaks were created in 2005 exempting businesses that qualify from all but the base two percent of sales taxes on construction materials and fittings. They also get a property tax break of up to 50 percent for 10 years.
But experts say four or five projects already approved for the breaks will cost the state about $85 million in sales tax revenue alone and much more down the road in property taxes, hurting school districts and the state budget.
It’s not clear whether or not the governor will veto the legislation.
MGM Mirage’s planned 18 million square foot CityCenter in Las Vegas, a $7 Billion project, takes advantage of the statewide tax abatement.
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