Governor Lombardo Proposes Bold Economic Development Bill
Carson City, NV – Governor Joe Lombardo recently unveiled his legislative proposal aimed at boosting Nevada’s economic landscape: the Nevada Forward Economic Development Policy Reform Act, or Senate Bill 461. This initiative seeks to attract companies to the state by offering significant financial incentives.
The proposed legislation includes up to $12 million in tax credits for constructing childcare facilities, tax deductions for high-impact businesses, and a $100 million community infrastructure investment fund. This bill is part of Lombardo’s five priority initiatives highlighted during his January State of the State address.
Lombardo’s proposals come amid a concerning economic forecast projecting a $191 million shortfall in general fund revenues for the 2026-27 biennium. Responses from state Democrats have yet to materialize concerning the high-cost implications of such bills.
SB 461 emphasizes environmentally conscious growth, allowing the Governor’s Office of Economic Development to adjust incentives based on environmental considerations. Specific sectors including advanced manufacturing, electric battery production, and clean energy would benefit from tax deductions of up to 60% for five years, excluding the Local School Support Tax Law.
Additionally, the bill proposes a child care tax credit to support working families, along with a biennial $100 million Community Infrastructure Grant Program aimed at enhancing infrastructure projects tied to business expansion in rural areas.
Other aspects include reimbursement for students completing technical education programs and a "talent pipeline" initiative connecting students with local businesses through internships. A total of $25 million from the general fund would kickstart the infrastructure fund, with a further $75 million allocated subsequently.
If successful, SB 461 could be pivotal in diversifying and strengthening Nevada’s economy. For inquiries, contact Jessica Hill at jehill@reviewjournal.com. Follow on X @jess_hillyeah.
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