November 25, 2014
CARSON CITY (AP) - Nevada legislators have unveiled a plan to change the state's "green" building tax breaks and head off a revenue loss for government and public schools approaching one (b) billion dollars - and possibly more.
Property tax abatements that already have been approved, or were in the process of qualifying, could amount to a combined 642 (m) million dollars, based on estimates from the state Taxation Department and the Legislature's fiscal analysts.
Another 297 (m) million dollars could be lost in sales tax exemptions. The biggest projects so far are in the Las Vegas area. The estimates are based on about a dozen projects that are among several dozen for-profit ventures in Nevada that have registered with the U-S Green Building Council since the incentives approved by the 2005 Legislature went into effect.
Lawmakers don't have an estimate of how much revenue would be
preserved under the new proposal, which gets rid of any sales tax
breaks on construction materials, reduces cuts to property taxes, and requires more emphasis on energy efficiency for buildings to qualify.
(Copyright 2007 by The Associated Press. All Rights Reserved.)