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1 Joseph Henchman, Nevada May Consider New Business Taxes 1 (2011)

handle is hein.taxfoundation/ffchaxz0001 and id is 1 raw text is: May 18, 2011 No. 270 Nevada May Consider New Business Taxes By Joseph Henchman Introduction Fewer states have been hit harder by the present recession than Nevada. A boom illustrated most prominently in the tourist and construction industry saw the state's population grow by a third since 2000, but that has now turned to bust.' Wagers in the state's casinos have fallen a third from their 2006 peak, tax revenues have dropped sharply, and the state has the highest foreclosure rate (about 1 percent) and the highest unemployment rate (about 13 percent) in the nation.2 Many experts believe that Nevada is well positioned for strong growth in the future, and glimpses of economic recovery can be seen now.3 However, the lengthy period of high growth rates carried over into budgeting assumptions, making it difficult to adjust to the recession's period of revenue stagnation. This has created understandable concern about balancing the state's budget while maintaining necessary services and not undermining recovery and growth. While the state has a relatively good tax structure, its tax burdens and collections are about middle-of-the-pack among the states.4 Joseph Henchman ?. ,,,,., Td i <,, ' .,, ! .....° 1 Andrew Clinger, Legislative Commission's Budget Subcommittee Executive Budget Overview, Department of Administration (Jan. 25, 2011), htt ://bud________________________gt.state.nv.us/budgct 201i 1 13/Budgeto200verview.pdf. 2Jd, SSee, e.g., Stephen P.A. Brown, Ph.D., et a!., Nevada Economic Conditions and Outlook 2011, University of Nevada, Las Vegas Center for Business and Economic Research (Apr. 2011), http:!/cber. unlv.edu/ ublications/CBER-NV~conornic utlook-A r01,df Small Business & Entrepreneurship Council, Small Business Survival Index 2010, (Dec. 2010); Jennifer Baumer, Nevada's Workforce in Today's Economy, Managed Pay (Mar. 2010), http:// ,managcdpay. com/index.php?option corn content&vicw articke&id= 105: :nvadas-workfor ce-in- todays-economy catid=48:news&Jtemid=85_; The Way We'll Work, TIME (May 25, 2009) (Job Migration: Where the Jobs are Going); Jonathan Williams et a!., RICH STATES, POOR STATES, American Legislative Exchange Council (3d Ed. 2010). 4 See 2011I Facts & Figures: How Does Your State Compare?, Tax Foundation (2011), at http://wwwv.taxfoundation.org /?ublications/show/2 181 .htrnl (ranking Nevada as 34th in state and local tax burden per capita, 49th in state and local tax burden as a percentage of income, 34th in state tax collections per capita, 48th in state revenue per capita, and 38th in state and local revenue per capita).

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