Las Vegas Sun

October 1, 2014

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Las Vegas gets $28M in tax breaks to spur development

Las Vegas now has $28 million in federal tax breaks to hand out to businesses that want to invest in lower-income areas.

The city was awarded the tax breaks this week as part of a competitive federal program to spur commercial development in cities that need it the most.

Senate Majority Leader Harry Reid, D-Nev., lobbied the Treasury Department to award Las Vegas the tax break. In a letter to the director of the program, Reid wrote, “Southern Nevada’s economy has begun its recovery, but more is needed.”

He noted the possibility that the tax breaks could help develop a child’s medical center in underserved parts of the city.

Congress created the New Markets Tax Credit Program in 2000 to encourage private investment in economically distressed areas.

The city will be hosting a free seminar for developers to learn more about the program from 3 to 6:30 p.m. on July 30 at the Historic Fifth Street School, 401 S. Fourth Street, in downtown Las Vegas. For more information, email [email protected]

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