May '10 Nevada Government—U.S. Congresswoman Shelley Berkley Column

Low Cost Bonds For Nevada, Local Communities Included In House Jobs Package

Bill Extends Key Tax Savings for Families, Restores Geothermal Royalties, Protects Access to the Doctor for Nevada Seniors on Medicare

May 27, 2010 – Washington, D.C. – Congresswoman Shelley Berkley is backing new legislation that expands the availability of low cost bonds that can be tapped by the State of Nevada and communities like Las Vegas to finance projects and spur job creation. The bond provisions are included in a new jobs bill before the House today that also extends key tax savings for Nevadans.

“Through the use of Build America Bonds, Nevada communities have already been able to access nearly $1.3 billion in low cost funding for projects and investments that have created local economic growth,” said Berkley. “The benefit of these bonds is that they allow the State, Clark County and other entities to save on financing costs, while also providing investors with an attractive rate of return. In addition to extending the current program, this legislation contains a provision I championed that also expands eligibility for Recovery Zone Bonds so cities like Las Vegas and Henderson can tap this additional source of affordable financing.”

Build America Bonds have been used by state and local governments across the U.S. to make nearly $100 billion in infrastructure investments nationwide. The bill extends this program through 2012. Nevada projects already funded through Build America Bonds include:

Clark County Highway improvements $210 million

Lyon County School District School improvements $22 million

Las Vegas Valley Water District Water utility improvements $90 million

State of Nevada Public improvements $68 million

City of Las Vegas Public improvements $175 million

Las Vegas Valley Water District Water utility improvements $348 million

Clark County Transit improvements $71 million

Along with significant investments in jobs and tax relief, the American Jobs and Closing Tax Loopholes Act restores geothermal energy payments to Nevada and local counties for energy produced on federal lands in the Silver State.

“Nevada’s federal lands are a rich source for clean geothermal energy. As a result of this fix, 25% of royalties from energy production on federal lands in Nevada will go to local counties and 50% will go directly to the Silver State. These dollars will help Nevada communities struggling to balance their budgets, while also providing additional funding to fill state coffers,” said Berkley.

Nevadans will also see individual tax saving provisions extended, including the deduction for a portion of the state and local sales taxes they pay each year.

“This bill extends the sales tax deduction, property tax deduction, college tuition deduction and the deduction for classroom teachers, all of which add up to real savings for Nevadans across our State,” said Berkley, who helped to author provisions in the bill as a member of the House Ways and Means Committee. “We want to get workers back on the job and to put money back in the pockets of Nevada families through tax relief, and I am proud to say this legislation will accomplish both goals.”

The legislation also extends the ability for restaurants and retailers to deduct a portion of expenses for business improvements, and a credit for the Las Vegas Motor Speedway and other racing venues to upgrade their facilities.

“Provisions included in this legislation will allow restaurant operators, retailers and others to save on improvements to their businesses. The Las Vegas Motor Speedway, which attracts race fans of all ages, will also see a continuation of the credit for enhancing its facilities in southern Nevada,” Berkley said.

At a time when Nevada continues to face double digit unemployment, the package extends eligibility for unemployment insurance benefits, COBRA health care tax credits and other family support programs through November.

“Our bill extends a helping hand to Nevadans who remain in search of employment. For local families, these checks provide money to pay the bills, buy groceries and fill the gas tank so they can continue the job search. We are also extending assistance that will help cover the cost of COBRA payments so that more Nevadans do not lose their insurance coverage even if they have lost their jobs,” said Berkley.

Finally, The American Jobs and Closing Tax Loopholes Act blocks a mandatory cut in the reimbursements paid to doctors who treat Medicare patients and military families covered under TRICARE in Nevada and across the nation. In addition to preventing the pending 21 percent cut, the bill provides an update of 2.2 percent, effective June 1, 2010 -- ensuring fairer pay for doctors under Medicare, TRICARE, and TRICARE for Life.

“Nevadans covered under Medicare and military families in TRICARE could find themselves unable to see the doctor if we do not put a stop to these drastic cuts. Our package protects seniors and members of the armed forces in Las Vegas and nationwide by making sure that physicians are fairly paid for the vital healthcare services they provide,” said Berkley. “Allowing these cuts to take effect would force many doctors to stop seeing Medicare and TRICARE patients, creating a crisis in access to care for millions of Americans, so we must act now.”

Tax Cuts For Nevadans Included In New House Job Creation Package

*** Vote Expected This Week on Legislation to Promote Hiring, Return More Money to Pockets of Nevada Families ***

May 25, 2010 – Washington, D.C. – Calling it a jobs bill that also puts money back in the pockets of Nevadans, Congresswoman Shelley Berkley today highlighted new legislation expected to come before the House this week that will spur job creation and extend key tax savings.

“This is a jobs package that also cuts taxes for Nevada families and small businesses. Our goal is to help get workers back on the job and to put money back in the pockets of Nevada families through tax relief, and I am proud to say this package does both,” said Berkley, who helped to author provisions in the bill as a member of the House Ways and Means Committee.

“This bill extends the sales tax deduction, the property tax deduction, the college tuition deduction and the deduction for classroom teachers, all of which add up to real savings for Nevadans across our State,” said Berkley. “Qualified businesses will also see their taxes reduced as a result of the extended Research and Development credit and other incentives to promote economic growth and new hiring.”

The legislation extends the ability for restaurants and retailers to deduct a portion of expenses for business improvements, and a credit for the Las Vegas Motor Speedway and other racing venues to upgrade their facilities.

“Provisions included in this legislation will allow restaurant operators, retailers and others to save on improvements to their businesses. The Las Vegas Motor Speedway, which attracts race fans of all ages, will also see a continuation of the credit for enhancing its facilities in southern Nevada,” Berkley said.

Along with significant investments in jobs and tax relief, the American Jobs and Closing Tax Loopholes Act restores geothermal energy payments to Nevada and local counties for energy produced on federal lands in the Silver State.

“Nevada’s federal lands are a rich source for clean geothermal energy. As a result of this fix, 25% of royalties from energy production on federal lands in Nevada will go to local counties and 50% will go directly to the Silver State. These dollars will help Nevada communities struggling to balance their budgets, while also providing additional funding to fill state coffers,” said Berkley.

Low cost infrastructure bonds that have already been tapped by the Sate of Nevada and the City of Las Vegas will also be extended under the package.

“Through the use of these special bonds, Nevada and communities like Las Vegas have access to low-interest funding to build new projects and to make other investments that create local jobs,” said Berkley. “For example, Recovery Zone Bonds help pay for infrastructure, job training and economic development in areas struggling with high unemployment and foreclosure rates. The State of Nevada has already utilized Build America Bonds to generate vital funding and over the long run, we save on costs because of low interest rates.”

At a time when Nevada continues to face double digit unemployment, the package extends eligibility for unemployment insurance benefits, COBRA health care tax credits and other family support programs through the end of 2010.

“Our bill extends a helping hand to Nevadans who remain in search of employment. For local families, these checks provide money to pay the bills, buy groceries and fill the gas tank so they can continue the job search. We are also extending assistance that will help cover the cost of COBRA payments so that more Nevadans do not lose their insurance coverage even if they have lost their jobs,” said Berkley.

Finally, the American Jobs and Closing Tax Loopholes Act blocks a mandatory cut in the reimbursements paid to doctors who treat Medicare patients and military families covered under TRICARE in Nevada and across the nation. The new package prevents scheduled cuts from taking effect and instead guarantees a 1.3% increase for the rest of 2010, followed by an additional 1% increase in 2011.

“Nevadans covered under Medicare and military families in TRICARE could find themselves unable to see the doctor if we do not put a stop to these drastic cuts. Our package protects seniors and members of the armed forces in Las Vegas and nationwide by making sure that physicians are fairly paid for the vital healthcare services they provide,” said Berkley. “Allowing these cuts to take effect would force many doctors to stop seeing Medicare and TRICARE patients, creating a crisis in access to care for millions of Americans, so we must act now” said Berkley.

Berkley Calls For Swift Approval Of Wall Street Reforms To Protect Nevada Consumers, Small Businesses

*** Congresswoman Seeks Increased Transparency and Accountability, End of “Too Big to Fail” ***

May 21, 2010 – Washington, D.C. – Congresswoman Shelley Berkley today called for swift action in Congress on a final package of reforms that will crack down on reckless Wall Street practices and protect consumers in Nevada and nationwide. Berkley voted in favor of The Wall Street Reform and Consumer Protection Act, which passed the House 223 to 202 in December 2009. The House legislation must now be combined with a package approved this week by the U.S. Senate. Final legislation is expected to come before the House for another vote in the next few weeks.

“The predatory, greedy and irresponsible actions by some large institutions in the financial markets were a major cause of the worst financial crisis to hit Nevada and the nation since the days of the Great Depression. That is why we must enact a tough package of common-sense rules that will police the big banks and Wall Street and prevent them from putting the savings of Nevada families at risk through predatory lending and reckless investment strategies. This legislation should include the creation of a consumer protection agency with real teeth. The reforms I support will hold Wall Street and the big banks accountable, end future bailouts and create true transparency,” said Berkley. “It’s time we rein in financial firms that are ‘too big to fail’ before they again threaten America’s economic future.”