Washington, DC – Yesterday, Reno TV station KTVN highlighted how specifically the middle-class tax relief legislation will benefit Nevada’s families, small businesses and those looking for work.
They noted that the tax cut legislation provides much-needed relief by reducing the burden on middle-class families by cutting payroll taxes, extending the state sales tax deduction, and ensuring unemployment benefits are not ended.
Watch the KTVN telecast here: Tax Relief Bill Brings Much-Needed Relief to Nevadans
BACKGROUND ON THE MIDDLE-CLASS TAX CUT LEGISLATION:
- Extends the tax cuts for Nevada’s middle class families.
- Reduces payroll taxes by $120 billion
- Extends unemployment insurance benefits for 13 months
- Extends the American Opportunity Tax Credit for families paying college tuition, the Child Tax Credit and the Earned Income Tax Credit.
- Allows businesses to deduct 100 percent of certain investments in the first year.
- Extends for two years the state and local sales tax deduction.
- Extends Alternative Minimum Tax relief for two years.
Extends incentives that have been important for Nevada’s developing clean energy industry.