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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Experts say the legislation to close the transfer tax loophole will not result in a significant increase in the payments.
Nevada lawmakers are looking to close a loophole that has let casinos and other big property owners avoid paying transfer taxes.
Lawmakers introduced the bill in response to a Review-Journal investigation that showed some of the largest real estate transactions did not pay a transfer tax.
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.
Las Vegas has seen numerous lucrative sales involving casinos, land and other sites mostly on or near the Strip that did not produce a dime in such revenue.
Complex transactions without transfer taxes frequently cite an exemption allowed under state law for entities that transfer property to a subsidiary.
The initiative, Home Means Nevada, marks the “largest single investment in affordable housing” in state history, according to the governor’s office.
An estimated 9.6 percent of the Las Vegas area’s workforce was unemployed last month, compared with 6.1 percent nationally.