A bill that attempts to close a tax loophole revealed by a Review-Journal investigation passed the Legislature and awaits action by Gov. Joe Lombardo.
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Nevada lawmakers are looking to close a loophole that has let casinos and other big property owners avoid paying transfer taxes.
Proposed legislation would ensure the tax still applies if the property is transferred to a business entity that was “formed for the purpose of avoiding those taxes.”
It was the latest high-priced deal in Las Vegas that did not produce transfer tax revenue that supports schools and low-income housing in Nevada.
The initiative, Home Means Nevada, marks the “largest single investment in affordable housing” in state history, according to the governor’s office.
Las Vegas’ jobless rate has fallen below double digits for the first time since the pandemic shut off much of the economy a year ago.
Las Vegas casinos weren’t inundated with gamblers when they reopened Thursday, but a flood of guests hadn’t been expected, according to Gov. Steve Sisolak.