Nevada businesses to get boost from new legislation

2/23/2011

Nevada lawmakers have proposed new bills that will help boost employment and support small businesses, the Reno Gazette Journal reports.

One of the pieces of legislation, Assembly Bill 189, will provide tax credits to those who make investments in small businesses in the state. The minimum investment needed to qualify for these credits is $5,000. Under separate bills, companies could also qualify for tax credits by investing in local universities and offering students internship opportunities.

"The capital investment could come in a variety of forms but it has to be specific to the business' needs," Assemblyman Marcus Conklin told the source. "For example, if you had a bio-tech company and you were developing certain types of cancer drugs in Nevada and you wanted to make a capital investment into the biology department [of a college] ... that could be considered."

By taking advantage of tax credits, small business owners can maximize their commercial loans for other activities, such as investing in marketing or upgrading their equipment.