Washington, DC – Nevada Senator Harry Reid released the following statement on the tax relief legislation that President Barack Obama signed into law today:
“While this bill is not perfect, it will strengthen our economy by creating jobs and providing relief to Nevada’s families, small businesses and unemployed. The tax relief package not only prevents a massive middle-class tax hike, it extends unemployment insurance, protects our sales tax deduction and will put more than 2,500 Nevadans back to work by developing our state’s renewable energy resources.”
HOW DOES THIS TAX RELIEF BILL AFFECT NEVADA?
By the numbers…
· 1,272,433 – The number of Nevadans who will receive a tax cut;
· $800 – The increase in the average Nevada worker’s take-home pay due to the $112 billion payroll tax reduction;
· 2,500 + – The number of jobs that will be created through incentives to develop Nevada’s clean energy industry;
· 13 months – The duration of the unemployment insurance benefit extension;
· 380,000 – The number of Nevadans who will continue to be able to deduct state sales taxes this year and next;
· 196,012 – The number of Nevada families that benefit from the Earned Income Tax Credit, including the improvements made as part of the Recovery Act;
· 89,000 – The number of middle-class families who will be protected from the Alternative Minimum Tax for two years;
· $1,472 – The average tax credit received by the 72,000 Nevadans claiming the American Opportunity Tax Credit.
What else does it do?
· Extends $1,000 Child Tax Credit for Nevada families.
· Allows Nevada small businesses to deduct certain investments to help them grow.
To read more about how the tax relief package will help Nevada please click here: http://dpc.senate.gov/docs/states-fs-111-2-190/nv.pdf