Nevada lawmakers consider repeal of banking tax

By: AP
By: AP

CARSON CITY (AP) - Nevada bankers are asking lawmakers to repeal two taxes on banks. Bank lobbyists say the taxes are unfair levies that make it difficult to compete with credit unions that don't
have to pay them.
Senator Joseph Heck, the bill's chief sponsor, says singling out
one industry for higher taxation sends the wrong message about
Nevada's pro-business climate.
Currently, Nevada banks pay a two-percent payroll tax, more than
three times the rate paid by other businesses. They also pay a
per-branch tax of just under 18-hundred dollars.
Heck's bill would do away with the per-branch tax and reduce the
payroll levy to the rate paid by other businesses.
Opponents of the bill say that banks are trying to back out of a
taxation compromise reached in 2003, even though they are flush
with cash.
The Assembly is also considering a measure that would exempt
mortgage brokers from the extra payroll tax.

(Copyright 2007 by The Associated Press. All Rights Reserved.)


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