Repeal of art tax exemption fails
Thursday, April 8, 1999 | 11:07 a.m.
CARSON CITY -- Sen. Joe Neal has lost his attempt to repeal the art tax exemption given two years ago to Steve Wynn for his $300 million collection on display at the Bellagio in Las Vegas.
The Senate Taxation Committee Tuesday voted 4-3 against a motion to pass Neal's Senate Bill 90 to end the property and sales tax breaks. Voting with Neal, D-North Las Vegas, to repeal the exemption were Sens. Bob Coffin, D-Las Vegas and Ann O'Connell, R-Las Vegas.
Neal estimated Wynn could benefit by $17 million to $18 million from the 1997 law.
But so far the question of the tax exemption has been tied up in court. Harvey Whittemore, lobbyist for Mirage Resorts Inc., said Wynn has not paid any tax nor has he received any tax waiver, pending the outcome of the court case.
After the vote, the committee agreed, with Neal dissenting, to pass Senate Bill 521, which clarifies the law and allows Wynn and others who may buy and display art to claim the exemption.
The Nevada Tax Commission, in adopting regulations last year to administer the law, decided Wynn could not get the exemption if he charged an entrance fee. Bellagio charges $12 to see the exhibit.
Wynn sued to overturn the Tax Commission's decision. Whittemore said he did not expect a ruling from the district court in Las Vegas until the issue is decided in the Legislature.
SB521 allows the admission charge, but requires Nevada residents get a 50 percent discount. The bill, which goes to the floor of the Senate, requires 20 free days for educational tours a year.
The ticket revenue, after deducting overhead, must go to charity or to pay taxes. Whittemore said Wynn is already exempt from the taxes, because the collection is inventory that will be sold.
Wynn has applied to be licensed as an art dealer and qualifies for an exemption under the Nevada Constitution.
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