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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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.”
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.
The initiative, Home Means Nevada, marks the “largest single investment in affordable housing” in state history, according to the governor’s office.
Nevada added 15,400 jobs in June, fueled heavily by increased employment in leisure and hospitality, according to state Department of Employment, Training and Rehabilitation figures.
The state saw a 52.8 percent increase in initial claims filed for the week ending March 27, according to the Nevada Department of Employment, Training and Rehabilitation.
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.
Nevada’s unemployment rate dropped sharply last month as casinos reopened from a lengthy lockdown, but plenty of people remain out of work.
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.