Lawmakers to Review GOP Plan to Raise, Broaden Payroll Tax
CARSON CITY, Nev. (AP) — Assembly Republicans are scheduled to present a tax plan they say is a viable alternative to Gov. Brian Sandoval's proposed business license fee.
Republican Assemblyman Derek Armstrong and Majority Leader Paul Anderson are the architects of AB 464, which is scheduled for a hearing on Tuesday.
It would raise the rate of the Modified Business Tax from 1.17 percent to 1.56 percent for general businesses, and would require companies that spend more than $50,000 in wages each quarter to pay it. That threshold is lower than existing law, which exempts businesses that pay less than $85,000 in a quarter.
Proponents say the payroll tax is among the most predictable.
The plan would also raise the business license fee to $500 a year for corporations and $300 for other businesses.