Payroll tax break bill proposed in Nevada
A bill that would give payroll tax breaks to Nevada employers who hire unemployed workers has been proposed by Assemblyman Steven Brooks (D-Las Vegas). The measure was conceived in an effort to combat the state's high unemployment rate, according to Forbes.
AB443 would allow wages paid to a newly hired employee to be deducted from employers' payroll tax for a year, provided the worker had previously been jobless for a minimum of 60 days. In the second year, half of each beneficiary's wages would be deductible.
Brooks said that safeguards in the bill would ensure that employers who take advantage of the tax break actually expand their labor force. They will be required to provide yearly comparisons of the number of workers they employ.
The bill will be considered by the Assembly Taxation Committee, along with another proposition that involves taking a portion of tax abatements and using them to fund generate new businesses from technology and research developed at Las Vegas University, the University of Nevada and the Desert Research Insititute, according to BusinessWeek.
AB443 would allow wages paid to a newly hired employee to be deducted from employers' payroll tax for a year, provided the worker had previously been jobless for a minimum of 60 days. In the second year, half of each beneficiary's wages would be deductible.
Brooks said that safeguards in the bill would ensure that employers who take advantage of the tax break actually expand their labor force. They will be required to provide yearly comparisons of the number of workers they employ.
The bill will be considered by the Assembly Taxation Committee, along with another proposition that involves taking a portion of tax abatements and using them to fund generate new businesses from technology and research developed at Las Vegas University, the University of Nevada and the Desert Research Insititute, according to BusinessWeek.
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