Las Vegas Sun

November 25, 2009

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Tax break for art collectors going nowhere

Saturday, June 28, 1997 | 11:59 a.m.

Despite support from arts advocates and Assembly Speaker Joe Dini, D-Yerington, AB535 is expected to die in the Senate Taxation Committee.

"They don't have the votes," says Taxation Chairman Mike McGinness, R-Fallon.

After a hearing Thursday, Mirage lobbyist Punam Mathur indicated the company won't continue pushing for the bill.

"We can count the votes," she said.

Wynn reportedly is buying high-priced art to display at the Bellagio hotel-casino, now under construction on the Las Vegas Strip.

The bill would provide a break on sales taxes and personal property taxes if a person who buys artwork costing more than $25,000 displays it for 20 hours a week for 35 weeks a year.

Critics said the tax break does nothing to help up-and-coming Nevada artists and would chip away at the state's tax revenues.

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