Lawmakers Work on Taxes, Budgets as Session Nears End

Nevada Legislature 2003
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With just two weeks remaining in Nevada's legislative session, lawmakers are nearing agreement on a record tax increase and are set to work out differences over a $4.8 billion state budget for the next two years.

Reports began circulating late last week about a tax plan from Senate Republican leaders, dubbed the "Universal Business Tax."

The plan comes in response to Republican Governor Guinn's $1billion plan for new revenue to balance the budget.

Senate and Assembly fiscal committees are expected to complete budget closings early this week and work out differences by late Wednesday.

Legislative leaders plan parallel tax discussions so that when a spending figure is set, the final tax package would be compiled. Some leaders say the final package would likely include the "Universal Business Tax," as well as other key components of Guinn's package.

(Copyright 2003 by The Associated Press. All Rights Reserved.)